Malaysia Airlines’ (MAS) cargo unit MASkargo has wet leased an Airbus A330-200F to Tukish Airlines, according to the group’s 2013 annual report.
The agreement was inked to “cushion the financial impact from a stagnation in airfreight demand and excess capacity in the market”, it says.
For the 2013 financial year, MASkargo recorded a loss before tax of M$17.9 million, as cargo revenue increased 2.1% year-on-year.
The airline attributes the losses to high operational expenses, particularly on long-haul routes operated by fuel hungry jets such as the Boeing 747-400F.
MASkargo’s presence in different markets however enabled it to offset the weakness of cargo demand into Europe with solid performance along Asian routes.
MASkargo has two 747-400 and four A330-200 freighters in its fleet.