KUALA LUMPUR, March 21 (Xinhua) -- Malaysia Aviation Group (MAG), which owns Malaysia Airlines Berhad (MAB), has achieved its first annual profit since its inception in 2015.

MAG said in a statement on Thursday that it posted a net profit of 766 million ringgit (163 million U.S. dollars) in 2023, as compared to a net loss of 344 million the previous year.

According to the statement, the strong performance was attributed to robust passenger traffic from the premium segment, intensified international network flow, active capacity management, deep partnership collaboration and stronger yield for the passenger segment.

These were achieved despite higher operational and labor costs, weaker ringgit, challenges in supply chains due to increasing costs and uncertain delivery commitments, fuel prices, and elevated interest rates. (1 ringgit equals 0.21 U.S. dollar) Enditem

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