MAS shares slump
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Malaysia Airlines’ (MAS) share price plunged 10% yesterday, as markets reacted to the disappearance of flights MH370.
Bloomberg reports that MAS stock sank to 22.5 sen (approximately seven US cents) on the Bursa Malaysia stock exchange on Monday, two days after the Beijing-bound flight went missing.
MAS recently posted a full-year net loss of MYR1.17 billion for 2013. This compounded the MYR2.5bn and MYR433m net losses suffered in 2011 and 2012 respectively.
Meanwhile, the airline said it is focusing its efforts on caring for families of the passengers.
In a statement released on Monday, the national carrier said its “primary focus” is to provide assistance to those affected by the incident. This will include both “emotional support” and “financial assistance”, according to MAS.
“Malaysia Airlines’ primary focus at this point in time is to care for the families,” the national carrier’s statement said. “This means providing them with timely information, travel facilities, accommodation, meals, medical and emotional support. The costs for these are all borne by Malaysia Airlines. Initial financial assistance has been given out to all families over and above their basic needs.”
The airline has deployed 150 people, including MAS senior management, to Beijing, the aircraft’s intended destination, while families from other countries have started arriving at Kuala Lumpur, where they will be met by MAS staff.
It has been more than 48 hours since contact with flight MH370 was lost. Search and rescue teams from Australia, New Zealand, China, Thailand, Indonesia, Singapore, Vietnam, Philippines and the US are all involved in the mission to locate the aircraft, which was last tracked off the east coast of Peninsular Malaysia, flying towards the south coast of Vietnam.
All 227 passengers and 12 crew remain missing.
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