Trbusiness. The travel retail Trbusiness. The magazine for global retail and duty free professionals.MAS braces itself for hard times
By Doug Newhouse |
Malaysia Airlines (MAS) is cutting 20,000 staff and its route network to make $1.9bn (MR.6bn) worth of cost cuts in a new ‘Recovery Plan’.
MAS’ majority shareholder Khazanah Nasional Berhad says the cuts are necessary, along with returning the airline to the private sector and delisting it from the Kuala Lumpur stock exchange.
These latest changes were already under consideration even before the tragedies that have befallen MAS with the disappearance of flight MH370 bound for Beijing last March and the equally tragic shooting down of flight MH17 over Ukraine air space last July.
MAS says that publication of the Recovery Plan follows the formal request by Khazanah to the MAS Board of Directors to undertake the Selective Capital Reduction (SCR) exercise made on 8th August 2014.
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