Khazanah Nasional Bhd, the investment holding arm of the government, is looking at a time frame of one to three years for the turnaround of Malaysia Airlines (MAS).
“While the numbers are kind of better, (MAS managing director) Ahmad Jauhari Yahya and his team would be the first to know that they are not there yet,” said Khazanah managing director Tan Sri Azman Mokhtar.
“We are glad that the (MAS) rights issue went well and with such capital base, they are doing certain things to make it better, such as (acquiring) new planes.
“There is good momentum but it must be clear that they are not out of the woods yet,” he said after making a corporate presentation at the last day of Invest Malaysia 2013 here yesterday.
“MAS remains one of the major companies in our stable,” he said, adding that Khazanah will continue to play the role of a supportive shareholder in MAS.
The national airline posted a net loss of RM278.8 million in the first quarter ended March 30 2013, compared with a RM171.8 million loss in the same period a year ago.
However, it did post an overall operating financial improvement year-on-year, in terms of revenue and costs.
On the delay in the completion of the Kuala Lumpur International Airport 2 (klia2), Azman said Khazanah is monitoring the situation.
Two companies in the Khazanah stable — Malaysia Airports Holdings Bhd (MAHB) and MASUEM Group — are involved in the RM4 billion airport as project manager and main terminal builder, respectively.
Azman said he expects the companies to make their respective announcements on the progress of the project in due course.
Azman added that it is important for them to complete the job properly and ensure its delivery.
“We are represented on the board and are monitoring the situation. We should not speculate. They need to complete klia2 ... allow them to make the announcement.”
He pointed out that while Khazanah is an active shareholder, it does not micro-manage its companies.
On the listing of Themed Attractions and Resorts, Azman said it will happen once its theme parks have established a firm track record.
In the first 12 to 18 months, the theme parks — Kidzania, Puteri Harbour Indoor Theme Park and Legoland — had registered good numbers.
“Close to three million people have visited these parks and that is not bad... especially Legoland, which exceeded the projection,” he said.
- Business Times
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