Financial Ratio of Malaysia Airlines System Berhad

Report of Financial Ratio of Malaysia Airlines System Berhad FIN 670 Universiti Teknologi MARA

Prepared by: Aimullah bin Abd Halim Eva Salmee Mohd Salleh Mohd Khairil bin Mahmood Nurunnadiah binti ab Aziz Shaila Shermin bt Kamaluddin Ruzaimah Rubain 2010336497 2009713479 2010177225 2010532647 2010566071 2010710629

Supervised by: Dr Jaafar Pyeman

Financial Ratio of Malaysia Airlines System Berhad

Objectives Analysis and investigation of financial ratios for MAS has been done from five year annual report starting from 2005 to 2009. Thus the objectives are: 1. Study of liquidity of MAS from 2005 to 2009 2. Study of activity of MAS from 2005 to 2009 3. Study of profitability of MAS from 2005 to 2009 4. Study of leverage of MAS from 2005 to 2009 5. Forecast the future performance of MAS in terms of liquidity, operating activity, profitability, shareholders equity and leverage.

Introduction Malaysia Airlines is listed on the stock exchange of Bursa Malaysia under the name Malaysian Airline System Berhad (MYX: 3786). Its parent company is Penerbangan Malaysia Berhad. The airline has suffered high losses over the years as a result of fuel price increases and poor management. The Government of Malaysia overhauled the operations of the airline and Idris Jala was appointed as the new CEO in 1st December 2005. Under his leadership, Malaysia Airlines unveiled its Business Turnaround Plan (BTP) in February 2006 which highlighted low yield, an inefficient network and low productivity (overstaffing). The airline headquarters building in downtown Kuala Lumpur has been sold. The new corporate headquarters is now at Sultan Abdul Aziz Shah Airport in Subang, Petaling. The airline is owned by Penerbangan Malaysia Berhad (PMB) (69.34%), Employees Provident Fund Board (10.72%), Amanah Raya Nominees (Tempatan) Sdn Bhd (5.69%), State Financial Secretary Sarawak (2.71%) and Warisan Harta Sabah (2.4%). It has 19,546 employees (in March 2007) In the past, MAS is believed to have over expanded its routes and airlines fleet. It is also said to have embarked on aggressive cost cutting, which caused negative impact on its service quality and marketing plan. A previous restructuring saw it disposing of aircraft assets and domestic losses to a Khazanah Nasional Bhd owned entity. Today, MAS fuel cost are insufficiently hedged. The airline also struggled to come up with an effective pricing systems which would enable it to past on the fuel cost to customers. To make matters more challenging MAS has faced intense competition from low cost airlines

Financial Ratio of Malaysia Airlines System Berhad

company, AirAsia, on the domestic front, which led MAS to cut fares, a move that had likely affect its profitability. Therefore this study will explore the MAS financial performance by using ratio analysis that focus on liquidity, activity, debt and profitability ratio.

Results and discussions 1. Liquidity ratio

Liquidity ratio is used to measure a firm ability to satisfy its short-term obligations as they come due. In addition, liquidity refers to solvency of the firms overall financing position- the ease with which it can pay its bills. In short it reflects to answer; can the firm pay its bills? The two basic measures of liquidity are the current ratio and the quick (acid-test) ratio. 1.1.Current ratio The current ratio is the indication of companys ability to meet short-term debt obligations. The higher the ratio, the more liquid the company is. The current ratio is calculated as equal to current assets divided by current liabilities. On others hand, the current ratio also can gives an investor a better idea of how much safety a company has in paying its current liabilities regardless of the size of the company. Year Current Ratio 2005 0.81x 2006 0.74x 2007 1.35x 2008 1.35x 2009 0.85x

Table 1.1: Current ratio of MAS from 2005 to 2009

Financial Ratio of Malaysia Airlines System Berhad

Figure 1.1: Current ratio graph As we can see in Table 1.1, the current ratio is decreasing from 0.81 times in year 2005 to 0.74 times in 2006. It indicate that the liquidity of the company become worst due to increment of the total current liabilities. However, in 2007 and 2008; the trend is maintained of 1.35 times for the respective year and the current ratio is slightly going down by 0.85 times in 2009. Meaning that on the average MAS can cover only 74.08% of their existing 5-years debt obligations with their current liquid assets. Clearly, MAS plan to meet these debt obligations from their income, but the ratio suggests that their liquid fund still not enough to cover their liabilities. 1.2.Quick Ratio Quick ratio is also known as the acid test ratio. The quick ratio is a measure of the ability of a company to pay its short-term debts. As with all ratios, how high a quick ratio should be varies among industries, but usually a quick ratio of 1:1 or higher is considered good. In other words, a quick ratio of 100% tells creditors that the company could pay its immediate bills even if no inventory is converted to cash. Year Quick Ratio 2005 2006 2007 2008 0.7x 0.67x 1.28x 1.27x Table 1.2: Quick ratio of MAS from 2005 to 2009 2009 0.78x

Financial Ratio of Malaysia Airlines System Berhad

Figure 1.2: Current ratio graph Since the companys net income is showing loss approximately RM 1.25 billion and RM 133.7 million in 2005 and 2006 respectively; indirectly it will affect the company ability to pay their debt or liabilities in short term. Without considering the inventories, the company only can perform 0.7 times in 2005 and 0.67 times in 2006. Therefore it represent that MAS is doing fairly poor in managing their yield. However in 2007 and 2008, the company liquidity is maintained at 1.28 times and 1.27 times for respective year. In 2008, the quick ratio is higher thus the company financial performance in term of liquidity is considered good. Moreover, due to large amount of current liabilities; the company quick ratio is totally drops to 0.78 times in 2009. It indicates the company had a problem in managing their assets fund. The overall liquidity of the firm seems to exhibit that MAS had a better improvement in term of managing the cost or cost control. Even though the current assets are low and being said as not efficiently manages; MAS still be able to meet its short term obligations.

2. Activity ratio

Activity ratio defines as an accounting ratio that measure a firm's ability to convert different accounts within their balance sheets into cash or sales. Companies will typically try to turn their production into cash or sales as fast as possible because this will generally lead to higher revenues. Such ratios are frequently used when performing fundamental analysis on different

Financial Ratio of Malaysia Airlines System Berhad

companies. The asset turnover ratio and inventory turnover ratio are good examples of activity ratios. 2.1.Total assets turnover The amount of sales generated for every dollar's worth of assets. Asset turnover measures a firm's efficiency at using its assets in generating sales or revenue - the higher the number the better. It also indicates pricing strategy: companies with low profit margins tend to have high asset turnover, while those with high profit margins have low asset turnover.
Year Total Assets Turnover 2005 1.40 x 2006 1.89 x 2007 1.46 x 2008 1.49 x 2009 1.33 x

Table 2.1: Total assets turnover ratio for 2005 to 2009

Figure 2.1: Graph for total assets turnover (2005 to 2009) Based on the graph and value in the above table, it could be said that there is a steady and almost similar trend for TATO of each year, 2005 to 2009. On 2006, TATO records the highest value compared to others, 1.84 times. This may due to the improvement made by the new CEO, Idris Jala who has been appointed on 1 December 2005. The changes made are in term of MASs corporate culture and in operations definitely helps to increase TATO for year 2006. One of the most significant things done by MAS for the year 2006 is when MAS sell their headquarters office which later helps to increase their cash balance. In 2009, MASs TATO

Financial Ratio of Malaysia Airlines System Berhad

records the lowest value ever as the economic crisis which occurred in 2008. Almost every industry got affected due to the recession. 2.2.Inventory Turnover A ratio showing how many times a company's inventory is sold and replaced over a period. The days in the period can then be divided by the inventory turnover formula to calculate the days it takes to sell the inventory on hand or "inventory turnover days. This ratio should be compared against industry averages. A low turnover implies poor sales and, therefore, excess inventory. A high ratio implies either strong sales or ineffective buying. High inventory levels are unhealthy because they represent an investment with a rate of return of zero. It also opens the company up to trouble should prices begin to fall.
Year Inventory turnover 2005 19.5 2006 34.1 2007 40.2 2008 39.6 2009 29.4

Table 2.2 : Inventory turnover ratio for 2005 to 2009

Figure 2.2 : Graph for inventories turnover (2005 to 2009) Based on the graph above, we can see that from the year 2005 to 2008, theres been an increment of ITO value. By referring to year 2005, we can see that it recorded the lowest ITO value ever as MAS are struggling with their bad financial situations due to debts, higher costs and poor sales. It starts to increase from year 2006 onwards and for the year 2007, ITO value

Financial Ratio of Malaysia Airlines System Berhad

for MAS records the highest value ever compared to 5 year period (2005-2009). This is due to the changes made by the new management team led by Dato Sri Idris Jala. Year 2007 and 2008 is slightly similar in term of ITO thanks to the good management and business decision. For the year 2009, ITO value for MAS declined as it was the effect of the global economic crisis for year 2008. 2.3.Average collection period The average collection period has to do with the relationship between Accounts Receivable and the time frame in which those outstanding payments are received. The information of ACP allows the company to anticipate cash flow generated by services rendered. It is easier for the company to schedule payments for services rendered to their own vendor partners, as well as arranges to keep funds on hand to handle day to day operations, meet payrolls, and other important aspects of doing business. The collection period or average collection period must be compared to competitors to see whether the credit given, and customer risk, is in line with the industry. A high collection period shows a high cost in extending credit to customers.
Financial Year ACP (days) 2,005 73.2 2,006 51.3 2,007 45.1 2,008 45.2 2,009 45.0

Table 2.3: average collection period for 2005 to 2009

Figure 2.3 : Graph for average collection period for 2005 to 2009

Financial Ratio of Malaysia Airlines System Berhad

In the year 2005, MAS was having the highest ACP which is 73.2 days. However, it was declining to 51.3 days on 2006 as well as year 2007 onwards which they maintain the ACP around 45 days. During this period, MAS had a lot changes in their account policy where they had adopted of new and revised Financial Reporting Standard (FRS). However, in year after 2006, the revision made is lesser.

3. Profitability ratio A class of financial metrics that are used to assess a business's ability to generate earnings as compared to its expenses and other relevant costs incurred during a specific period of time. For most of these ratios, having a higher value relative to a competitor's ratio or the same ratio from a previous period is indicative that the company is doing well. 3.1.Net profit margin Net profit margin is after-tax net income divided by net sales which is a measure of management's ability to carry a dollar of sales down to the bottom line for the stockholders. In other words, net profit margin refers to that which is left for the owners from a dollar of sales after all expenses and taxes have been paid.
Year GPM NPM 2005 13.9% 14.0% 2006 -2.5% -1.0% 2007 3.8% 5.8% 2008 2.0% 1.6% 2009 -5.4% 4.6%

Table 3.1: GPM and NPM of MAS for 5 years

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Figure 3.1: Graph of Net Profit Margin Based on the figure above, it shown that MAS incur highest losses on 2005 where the net profit margin for year 2005 is -14%. In 2005, MAS identified several weaknesses which cause RM1.3 billion loss. The weaknesses include escalating fuel price, increased maintenance and repair cost, staff cost, low yield per available seat kilometers via poor yield management and inefficient route network. On 1st December 2005, Government of Malaysia appointed Idris Jala as the new CEO of MAS. The sales and profit had increased then, year by year. The highest net profit margin is in 2007 where the profit in 2007 is the highest compared to other 5 years. However, in 2008 the net profit slightly decline due to the global economic crisis and affected our country. 3.2.GPM versus NPM

Figure 3.2: Graph of GPM versus NPM Referring to the figure above, NPM and GPM for 5 years are almost the same except for year 2009. This situation is due to derivative gain incurred by MAS on 2009. Derivative gain consists of realized gain or loss on settlement of hedging contracts during the quarter and the fair value changes due to movement mark-to-market (MTM) position on non-designated hedging contracts and ineffective portion of cash flow hedges at 31st December 2009 compared to 1st January 2009.

Financial Ratio of Malaysia Airlines System Berhad 3.3.

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Return on assets

Return on assets (ROA) is a measure of asset intensity which is , it will indicates how much profit a company generated for each dollar in assets brought to the company. In other word, it showed an effectiveness of a company in generating profits with its available assets.
YEAR 2005 2006 2007 2008 2009 RETURN ON ASSET -20.0% -1.9% 8.5% 2.4% 5.8% RETURN ON EQUITY -62.1% -7.1% 21.6% 5.9% 66.0%

Table 3.3 : Return on assets and return on equity of MAS for 2005 to 2009

Figure 3.3: Graph of Return on Assets Like MAS (as an aircraft company) considered as a very asset-intensive, meaning they required big, expensive machinery or equipment to generate more profit. A measure of profit show how a percentage of the capital that is handled. The lower the profit per dollar of assets, the more asset-intensive a business is. High profit margin indicates good cost control, whereas a high asset turnover ratio demonstrates efficient use of the assets on the balance sheet. If refers to Figure 3.3, in year of 2005 ROA of MAS is -20.0%, indicates inefficient use of the assets in the company since the net income in that year is the lowest compare with others 5 years. During that year, MAS is concentrate more in escalating fuel price, increased maintenance and repair cost, staff cost, low yield per available seat kilometers via poor yield management and inefficient route network instead of focusing on utilising their assets to generate more profits. After taken over by Idris Jala on 1st December 2005, MAS started to recover from 2005 until

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2009. Year of 2007 shown huge improvement of assets handling in MAS since in that year ROA value is the highest (8.5%) due to very high net income generated from the wisely utilization of assets in the company. 3.4 Return on equity Return in equity (ROE) reveals how much profit a company earned in comparison to the total amount of shareholder equity found on the balance sheet. A business that has high return on equity is more likely to be one that is capable of generating cash internally. Companies that boost a high return on equity with little or no debt are able to grow without large capital expenditures, allowing the owners of the business to withdrawal cash and reinvest in elsewhere.

Figure 3.4: Graph of Return on Equity From the graph in Figure 3.4, it shown a recovering process in MAS from 2005 until 2007 but drop in 2008 and huge increase ret in year of 2009 (66%) which shown a highest ROE compared to others 5 years. During the year of 2009 most of the assets of MAS are financed by the debt which is using the long term borrowing, RM2 billion. This is shown that MAS are trying to increase their profit by adding more assets in the company in order to expand their business also. This can be proven by the higher debt ratio detected in year of 2009 which is 91.2% (Refers debt ratio analysis). Shareholder`s equity is the lowest in year of 2009 might be due to shareholders had sell their share in the company and this is able to generate high return in equity with slightly increase in the net income in that particular year. The reason for the ROE increase in 2009 is to attract the investors after the losses of shareholders in 2009. From

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the ROA and ROE calculation, it can be conclude that MAS are trying to improve their assets management in order to get higher returns from year to year by using internal and external financial sources.

4. Leverage ratio The financial leverage of a company is to get an idea of the company's methods of financing or to measure its ability to meet financial obligations. There are several different ratios, but the main factors looked at include debt, equity, assets and interest expenses. 4.1. Debt to total assets ratio

Debt to total asset ratio indicates the financial leverage of the company.it is percentage of total asset that financed by creditor, liabilities and debt. High debt ratio shows that a corporation has a high level of financial leverage.
Year DAR 2005 67.8% 2006 72.9% 2007 60.8% 2008 58.3% 2009 91.2%

Table 4.1 : Debt to Total Assets ratio for 2005 to 2009

Figure 4.1 : Graph of debt to total assets ratio From the table and figure above, it can be seen that MAS has high level of financial leverage. It is showed by the percentage of the debt to total asset ratio from year 2005 to year 2009. The

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debt ratio of this company is more than 50%. In year 2005 the debt ratio is 67.8% and it is slightly increase for the next year which is 72.9%. For the year 2007 and 2008 the debt ratio of MAS are slightly decrease but in the year of 2009 there is a high increasing in the debt ratio. The debt ratio in that year is quite high with 91.2%. This indicates that in year 2009, most of the assets of the company are financed by the debt. MAS are increasing their long term borrowing from 987,270 in 2008 to RM 2,004,062 in 2009. This is because MAS are trying to expand their business by adding more assets in the company as well as their shareholders are decreasing thus they need borrowing to finance the business. The debt ratio in year 2009 indicates that MAS are facing the high risk of the bankruptcy because they are depending too much on debt in order to finance their assets. 4.2 Time interest earn Time interest earned (TIE) used to measure company ability to meets its obligation. It indicates how many times a company can cover the interest charges on pretax basis. The high ratio can indicate the company has an undesirable lack of debt or is paying down too much debit with earning that could be used for other project.
Year TIE 2005 -214.6 x 2006 6.13 x 2007 18.67 x 2008 5.03 x 2009 1.47 x

Table 4.2: Time interest earn for 2005 to 2009

Figure 4.2: Graph of time interest earn Figure above shows the Time Interest Earned of MAS from year 2005 to 2009. The TIE for the year 2005 shows that this company is making loss. The TIE for that year is -214.60 times

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showing that the losses cannot cover the interest charge for that year. In year 2006, the TIE was increase but still making a loss. The TIE for that year is -6.13. The company is improved but still makes a loss. The TIE for the year 2007 is increase to 18.67 and this indicates that the company able to pay 18.67 times the interest using their earning. For the year 2008 and 2009 the TIE slightly decrease. From the year 2005 until 2009, we can see that the company is growing and keep making the profit since they can cover their interest using their earned except for the earlier year 2005 and 2006. However, in 2009 TIE is declining and it indicates the high interest of the borrowing that they made in 2009. Thus, it leads to the high risk of bankruptcy.

5. Forecast of ratios There are a few factors in order to forecast the financial ratio of MAS based on reports, expectations, strategy, annual reports, present economic situations, share price and etcetera. The good factors that effected the decision of forecasting MAS are:
i. KLCI is boomed from July 2010 to December 2010 between 1300 to 1500 points

respectively. Within year 2011, it maintained at approximately slightly more than 1500. Thus, it indicates a good economic situation and stability. ii. There is growth in Asia Pacific region in airlines industry as well as other region especially Middle East Asia showed rapid growth of airlines industry. iii. MAS bought new aircrafts Airbus A330-300s and A330-300.
iv. Everyday low fares had been introduced in May 2008 in order to increase the average

capacity seated, 70%. v. Partnership codeshare agreement with 31 Airlines companies in July 2010. vi. A330-300s will reduce cost 15% by 2015 as it has fewer seats, low fuel and maintenance cost. With fewer seats it can turn around faster, ply more routes and longer range. vii. Newly changes in boardroom, thus it gives fresh and new air within the company. viii. Increased 11% passengers in India, and MAS are targeting 20% increase a year.

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The bad factors that MAS has to face and might affect the performance of the company are: i. Jet fuel surcharges are soared at 10%. ii. Japan tragedy of earthquakes, tsunami and nuclear in March 2011 and MAS had to stop the flight from 7 to 11 times a week.
iii. MAS share price fell to RM 1.84 in March 23th, 2011. However, the trends showed that

it always drop at 1st quarter or the year and increase back in 2nd quarter and so on. iv. Internal Air Travel Association predicted that in 2011, the airlines company net profit decrease 50% due to many factors such as increasing of fuel, Japans disaster and many more.

5.1 Forecast of Quick Ratio

Figure 5.1: Quick Ratio for 2011 onwards (including 2009 and 2010) From the graph above, it can be seen the quick ratio of 2009 declined from 0.78 times to 0.65 times after being calculated from 4th quarter of annual report of 2010. The declining is because of the highly debt of MAS from previous year to finance the new investment of assets bought to the company. However, in 2011 onwards it will keep increasing as they manage to finance

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the current asset with current liability, however due to the increase in fixed assets by increasing the large number of airbus in 2011 as well as long-term debt to but with maintaining the current assets, the quick ratio decline slightly in 2013 and 2014. The quick ratio at average 0.68 times because MAS has less account payable due to the cash transactions and operations as well as less cash in hand. The current liability is more sensitive towards changes because they are in period of expanding, thus including short term borrowing that finance the assets. However, if the forecast extended, it will increase from year to year and will exceed more than 1 times in significant year. 5.2 Forecast of Total Assets Turnover

Figure 5.2 : Total Assets Turnover for 2011 onwards (including 2009 and 2010) From the figure above, total assets turnover is decreased in 2010 as they are in period of expanding. And it keeps decreasing in 2011 but TATO will increase back in 2012 onwards. A330-300 costs USD 222.5 million per each, as they will receive 6 airbuses in 2011, which costs approximately USD 1.3 billion thus leads to the total assets increase but due to the expectations of Internal Air Travel Association that predicted net profit will decrease in 50% as well as Japans tragedy leads to the revenue to increase or decrease slightly from 2010 with highly increasing of total assets. So does 2012, MAS will obtain 4 more airbuses, thus the TATO will increase just slightly as if the economic is stable and KLCI maintain above 1500 leads to the revenue to be higher with the higher total assets in 2012. With the cost of

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reductions, growth in airlines industry especially Asia Pacific, more aircrafts that offers more potential revenue, strategy and partnership TATO can keep increasing and will maintain at certain level until economic situation changes. 5.3 Debt to Assets Ratio

Figure 5.3 : Debt to Assets Turnover for 2011 onwards (including 2009 and 2010) From Figure 5.3 above, Debt to Assets ratio is the highest in 2009 as we discussed above due to the increase in borrowing as well as decline in shareholders. However, in 2010 it decreased to 71.7% calculated from 4th quarter report of MAS. It will slightly increase in 2011 as they obtain 6 new airbuses but in 2012 it will decrease significantly due to the higher assets as 4 new airbuses obtain that year and make it as total of 10 new airbuses bought. Thus, it leads to the lower debt to assets turnover. It will maintain at certain level as only one to two airbuses will be received in each year. Eventually, the debt to assets ratio can be slightly increased if they loss shareholders as it happened in 2009 thus, in order to finance the incoming assets, they have to make borrowing. But if there will be rapid increase in shareholders the debt to assets ratio will decrease significantly. 5.4 Net profit ratio

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Figure 5.4: Net Profit Margin for 2011 onwards (including 2009 and 2010) The net profit of 2010 is declined because the expenditure is much higher in 2010 and it has less derivative gain in 2010 compared to 2009. However, it maintain at low level of NPM in 2011 because of the expectation of Internal Air Travel Association (IATA), Japans tragedy and soar of fuel surcharges. Those factors leads to the lower increase of revenue and higher expenditure and results lower net profit margin. However, from 2012 onwards it is expected for net profit margin to be increase because by new airbuses bought, MAS can increase the revenue as well as profit due to its less seats and more frequent travel as it turn around faster and increase the average sold seats above 70% per airbus. The new airbuses also have lower fuel costs and maintenance cost, so it reduces the expenditure as well as increase NPM.

5.5 Forecast of Return on Assets

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Figure 5.4: Return on Assets for 2011 onwards (including 2009 and 2010) The graph above shows the return on assets from 2009 to 2011. ROA in 2010 is declined based on 4th quarter of report. It is predicted that in 2011 ROA will decline as well due to the new airbuses bought and increase the total assets in MAS but with the IATA expectations and tragedy in Japan, the net profit will reduce 50% so it indicates that the total revenue of MAS will probably just slight increase or decrease thus leads to lower ROA in 2011. However, in 2012 onwards ROA will keep rising each year. It indicates that the total revenue of those following years will increase significantly as the assets increase and bought into the company. With the growth of Asia Pacific region in airline business as well as Middle East would help MAS to increase the revenue. Furthermore, with the new airbuses it helps MAS to increase the frequent of travelling; more routes and Everyday low fares can be successfully done. With partnership and codeshare agreement with 31 airlines, it also increases the revenue of MAS. It was 11% passengers increase in India as well as expected to be increase 20% each year. There is also increase in passengers domestically approximately around 11.1%. Thus, all these factors help MAS to increase its revenue as well as ROA.

Conclusions

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From the discussions and results, it can be seen MAS having a problem especially in 2005 but it had redeem back the reputation after Idris Jala being selected as a new director, and several changes had made and MAS is improving from 2006. However, in 2008 and 2009 it seems like a slight downfall of MAS due to the global economic crisis and leads to loss of shareholders in 2009. Thus, in order to finance its assets, MAS have high leverage by borrowing the long-term debts. Even though it indicates MAS having high leverage as well as high risk of bankruptcy, it is actually have slight advantages where its ROE is much higher. It happened because to attract the investors after several losses of shareholders in 2009. The performance of MAS is quite fluctuating, both internal and external factors that lead to the fluctuation of MAS performance. When MAS change its policy and cost reduction, it shows some improvement but external factors such as global crisis can also affected the performance of MAS. Thus, in order to forecast, external factors is one of the important role as well as internal factors that can be changed anytime due to the strategies, policies and investments. Whereas, external factors like global crisis, natural disaster and expectation cannot be determined accurately but with assumptions, forecast can be done approximately accurate. Policy and strategy need to be adjusted from time to time depends on economic situations, competitions, opportunities, visions, and input price that effected the expenditures and inventories. Now, MAS shows some positive side and potential to be successful as they move forward and growth. From enormous investment in 2009, they see the clearer picture of the vision that they made and expanding it to concur the airlines industry. With the suitable strategies and policies, perhaps, MAS will continue to expand as well as give highly appraisable and comfortable services

References

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Dato Sri Idris Jala & Dato' Dr Mohd Munir. (2006). Annual Report 2006. Kuala Lumpur: Malaysia Airline System Berhad. Dato' Sri Idris Jala & Tan Sri Dr. Mohd Munir. (2008). 2008 Annual Report. Kuala Lumpur: Malaysia Airline System Berhad. Dato' Sri Idris Jala. (2005). Annual Report 2005. Kuala Lumpur: Malaysian Airline System Berhad. Munir, T. D. (2010). Quartely Report on the Fourth Quarter Ended 31 December 2010. Kuala Lumpur: Malaysia Airlines. Shahjanaz binti Kamaruddin. (2010). Investing in the Future. Kuala Lumpur: Malaysia Airlines. Tengku Dato' Azmil Zahiruddin & Tan Sri Dr. Mohd Munir. (2009). 2009 Annual Report Investing in Growth. Kuala Lumpur: Malaysia Airlines. Tengku Dato' Azmil Zahruddin. (2007). 2007 Annual Report. Kuala Lumpur: Malaysia Airline System Berhad. Wikipedia. (n.d.). Wikipedia. Retrieved April 2011, from Malaysia Airlines: http://en.wikipedia.org/wiki/Malaysia_Airlines