Malaysia Airlines said Monday it turned around in the fourth quarter, helping it stay in the black for 2009 despite the global economic slump. The carrier recorded a net profit of 610 million ringgit ($179.4 million) in the three months through December – rebounding from a loss in the previous quarter – thanks to an increase in traffic and reduction in operating costs. Revenue for the fourth quarter, however, declined 14 percent to 3.3 billion ringgit ($970 million) as airlines cut ticket prices amid the slump. For the full year, the state-owned carrier reported a net profit of 490 million ringgit ($144.1 million), a better performance compared to a net profit of 244 million ringgit ($71.8 million) in 2008. This was mainly attributed to gains from fuel hedging contracts of 1.15 billion ringgit ($338.2 million). Excluding those gains, the airline reported an operating loss of 628 million ringgit ($184 million). The airline returned to the black in 2007 after a series of losses, but its growth plans were derailed by the global economic crisis and volatile oil prices. “We have been resilient in the face of adversity,” said chief executive Azmil Zahruddin. “For 2010 we are positioning ourselves to capture growth in light of signs of recovery. We expect it to be choppy but we believe 2010 will be a better year,” he told reporters. The airline carried 3.4 million passengers in the fourth quarter, the highest since the first quarter of 2008.
