MAG losses narrow by 60% in FY21 on the back of successful restructuring, cargo demand

KUALA LUMPUR: Citing the success of its restructuring initiatives and a strong performance in the cargo segment, Malaysian Aviation Group reported a 60% reduction in losses in the financial year ended Dec 31, 2021, compared to the previous year.

In a statement, the aviation group said earnings before interest, tax, depreciation and amortisation (Ebitda) turned positive at RM433mil in FY21 compared to a loss of RM1.76bil in 2020.