Missing Flight MH370: Malaysian Airlines Reports £82m Losses in Wake of Disappearance

Malaysian Airlines has posted its worst quarterly loss in over two years, after passengers kept away from the company following the unexplained disappearance of flight MH370 two months ago.

The aviation firm's losses reached £82.2m ($138m, €101m) in the quarter ending 31 March, almost £30m more than the same period last year and its worst loss since the quarter ending 31 December, 2011.

Passengers in Asia have taken their custom elsewhere following the unfortunate event; passenger numbers were down 60% for the airline.

The "dramatic impact", as the company describes it, of the disappearance of flight MH370 in March has only exacerbated its loss making, but in actuality, it has made losses for the last three quarters and a total of $1.3bn in losses over the last three years due to the rising cost of fuel and fierce competition.

Malaysia Airlines Group chief executive officer, Ahmad Jauhari Yahya, said: "While the search for MH370 continues today more than two months since it disappeared, our Group needs to accelerate efforts to improve its revenue stream and better manage our high costs which have increased in line with greater capacity."

The Malaysia Airlines flight was carrying 239 people when it went missing on its way from Kuala Lumpur to Beijing on 8 March. The location of the plane has yet to be discovered as officials continue to scour the Southern Indian Ocean, as the Australian, Chinese and Malaysian governments lead the search.

The state backed airline's shares are now valued at 0.21p - the lowest they have ever been.