Malaysia Airlines to cut 6 000 jobs

Kuala Lumpur - Malaysia Airlines will cut 30% of its workforce as part of a restructuring that will cost $1.90bn, majority investor Khazanah Nasional said on Friday.

Khazanah said the carrier will trim its staff by 6 000 to 14 000 as it seeks to stem long-running losses worsened by two aircraft disasters this year.

READ: Malaysia Airlines staff brace for job cuts

The state fund said the airline will be de-listed from the Kuala Lumpur exchange by the end of 2014, adding that Ahmad Jauhari Yahya will stay on as chief executive until July 2015.

READ: Malaysia Airlines faces 'complete overhaul'

Khazanah said it aims to return the airline to profitability within three years of its de-listing, and plans to re-list the carrier in three to five years from now.

On Thursday, MAS said its second-quarter net loss widened to 307m ringgit from 176m a year earlier, though the result was an improvement from the net loss of 443m ringgit in the first quarter.