ILL-FATED Malaysia Airlines yesterday reported massive second quarter losses on the back of two tragedies that hit the flag carrier this year.
The airline lost 3.59bn Malaysian ringgit (£690m) in the quarter ending 30 June, a five per cent fall on the same period last year.
Average weekly bookings fell 33 per cent, with numerous flight cancellations immediately after flight MH17 was shot down over Ukraine in July.
The airline was also hit by the disappearance of flight MH370 over the South China Sea in March.
The airline is being taken private by Malaysia’s state investment firm Khazanah Nasional.
The company is due to make a restructuring announcement later today.
“The full financial impact of the double tragedies of MH370 and MH17 is expected to hit Malaysia Airlines in the second half of the year,” said chief executive Ahmad Jauhari Yahyae.