ST中华B：2010年第三季度报告全文(英文版) 2010-10-28

A B C D E F G H I J K L M N O P Q R S T UABCDEFGHIJKLMNOPQRSTUCACV 373/2008 &CACV 43/2009IN THE HIGH COURT OF THEHONG KONG SPECIAL ADMINISTRATIVE REGIONCOURT OF APPEALCIVIL APPEAL NO. 373 OF 2008 & NO. 43 OF 2009(ON APPEAL FROM HCMP NO. 928 OF 2008)BETWEENFG HEMISPHERE ASSOCIATES LLC Plaintiff(Appellant)AndDEMOCRATIC REPUBLIC OF THE CONGO 1st Defendant(1st Respondent)CHINA RAILWAY GROUP (HONG KONG)LIMITED2nd Defendant(2nd Respondent)CHINA RAILWAY RESOURCESDEVELOPMENT LIMITED3rd Defendant(3rd Respondent)CHINA RAILWAY SINO-CONGO MININGLIMITED4th Defendant(4th Respondent) CHINA RAILWAY GROUP LIMITED 5th Defendant(5th Respondent)AndSECRETARY FOR JUSTICE Intervener(6th Respondent)Before: Hon Stock VP, Yeung JA and Yuen JA in CourtDate of Hearing: 19 March 2010Date of Judgment: 19 March 2010B C D E F G H I J K L M N O P Q R S T UBCDEFGHIJKLMNOPQRSTUJ U D G M E N THon Stock VP:1.On 10 February 2010 we handed down judgment by which theappeals were, by a majority, allowed. We made a costs order nisi that the costsof the appeals and the respondent notices be paid by the defendants to theplaintiff, and that the costs of the originating summons and of the defendants’summonses be reserved pending determination of an inquiry which we directedto be carried out by the Court of First Instance.2.We have two summonses to vary the order nisi as to costs:(1) a summons by the plaintiff which asks that the order nisi be variedor clarified to the extent that (a) the costs of the appeals and of therespondent notices be paid by the respondents (including, for theavoidance of doubt, the Intervener) to the plaintiff; and (b) theplaintiff be entitled to taxation of its costs forthwith; and(2) a summons by the first defendant that the order nisi be varied to theextent that the costs of the appeals and of the respondent noticestogether with the costs of the originating summons and of thedefendant summonses be reserved to the judge of the Court of FirstInstance who is to undertake the inquiry which this Court hasordered.3.We need first to deal with the summons by the first defendant for ifit succeeds, its success would effectively decide the plaintiff’s summons. Thefirst defendant argues that since the answers to the inquiry at first instance willB C D E F G H I J K L M N O P Q R S T UBCDEFGHIJKLMNOPQRSTU determine the outcome of this litigation, a final order as to costs of the appealsat this stage might be regarded as premature.4.I do not agree. The appeal was from an order by the court belowwhich set aside a series of injunctions and refused leave to enforce arbitration awards. The plaintiff succeeded by appeal in reversing those orders, this Court holding that in the court below the plaintiff was not accorded an examination offacts on the basis of appropriate principles. To secure such an examination,the plaintiff was obliged to come to this Court and has succeeded. In my judgment, an order as to the costs of the appeals (other than one merelyreserving costs) is not premature.5.As for the plaintiff’s summons, the first question is whether theorder nisi was intended to embrace the Intervener as a party required to pay the plaintiff’s costs of the appeals. As we have informed the parties in correspondence pursuant to questions raised by them, that was not intended bythe Court and, that being so, the plaintiff seeks a variation of the order.6.There is no question but that the Secretary for Justice is a partyagainst whom a costs order may be made. The plaintiff’s argument is that the participation of the Secretary for Justice in the appeal was substantial, that the Secretary chose to and applied to intervene in the proceedings and that the Secretary’s submissions in the appeal considerably lengthened the appeal and therefore added to the plaintiff’s costs.7.The appropriate approach is that stated in Solicitor v Law Society ofHong Kong & Secretary for Justice (Intervener)(No. 2) [2004] 2 HKLRD 754, namely, that as a general rule an intervener who appears in constitutional casesis not liable for costs since the intervener, usually in Hong Kong the Secretaryfor Justice, “is there to assist the court on important public issues” and that “anB C D E F G H I J K L M N O P Q R S T UBCDEFGHIJKLMNOPQRSTU order to award costs against the Intervener [Secretary for Justice] acting in thepublic interest in favour of the party who raises the constitutionality of a statuteis high ly unusual and should only be permitted in very rare cases.”: see para. 10.It was noted that the Intervener in that case was not interested in the outcome ofthe appeal.8.In the instant appeal, the intervention was clearly one made inorder to bring to the Court’s attention the stance of the Central Government onthe question of sovereign immunity and to assist the court in addressingcomplex constitutional issues in the light of the new constitutional order. Itwas, in my opinion, obviously an intervention in the public interest. In my judgment, exceptional circumstances do not arise to justify a departure from the general rule to which I have referred. The length of the submissions made onbehalf of the Secretary was not disproportionate to the complexity of the issuesthat had to be addressed. Accordingly, the costs order which in my opinionshould be made is an order against the defendants which does not include the Intervener.9.The plaintiff seeks an express order that it is entitled to taxation ofits costs forthwith. The suggestion is that by reason of O.62 r.9D(1) and (2) as analysed by Registrar Au-Yeung in Big Boss Investment v So Lai Kei(HCA 2184/2009, 29 January 2010, unreported) if it is the court’s intention thatcosts be paid forthwith, an express order to the effect sought by the plaintiff is required. There is a question whether O.62 r.9D applies to costs of an appealbut, given the view I shall shortly express, it is not necessary to decide thatissue.10.The first defendant opposes this aspect of the application on thebasis that the evidence shows that other than its claim to entitlement to enforcethe awards against assets of the first defendant within the jurisdiction (the extentB C D E F G H I J K L M N O P Q R S T UBCDEFGHIJKLMNOPQRSTU of which has yet to be determined) the plaintiff has no assets, so that such costsas are paid now may be irrecoverable should the inquiry go against the plaintiffor more particularly should the Court of First Appeal – to which the issues inthe recent appeals are destined for determination, appropriate notices havingbeen filed – find against the plaintiff. I think there is merit in this argumentand it seems to me in all the circumstances that taxation of the costs of theseappeals should await determination of the forthcoming appeals to the Court ofFinal Appeal.Hon Yeung JA:11.I agree with the judgment of Stock VP and have nothing to add.Hon Yuen JA:12.I agree.Hon Stock VP:13.There will be orders accordingly. The plaintiff is to pay the Intervener’s costs of today.(Frank Stock)Vice-President(Wally Yeung)Justice of Appeal(Maria Yuen)Justice of AppealMr Russell Coleman, SC & Ms Zabrina Lau, instructed by Sidley Austin for the Appellant/PlaintiffB C D E F G H I J K L M N O P Q R S T UBCDEFGHIJKLMNOPQRSTU Mr Barrie Barlow, SC, instructed by Messrs. Fried, Frank, Harris, Shriver & Jacobson, for the 1st Respondent/1st DefendantMr Richard Zimmern, instructed by DLA Piper Hong Kong for the 2nd to5th Respondents/2nd to 5th DefendantsMs Teresa Cheng, SC & Mr Adrian Lai, instructed by Department of Justice for Secretary for Justice (Intervener)/6th Respondent。

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2012 - 2013 Specifier's Guide美国邦纳选型指南｜PLC&HMI ｜光电传感器｜工业安全产品｜机器视觉｜测量检测传感器｜｜工业无线网络产品｜工业智能指示灯｜旋转编码器｜激光读码器｜年风雨历练 版图跨越全球美国邦纳工程国际有限公司，始建于1966年，历经近45年的风雨历练，已成为当今世界最大的工业控制器( PLC & HMI )、变频器、光电传感器、测量检测、安全产品、工业无线网络产品、机器视觉、工业智能指示灯和旋转编码器的专业制造商之一，在世界主要地区均设有世界一流的生产、销售及服务机构。

丰富的产品选择、迅速的交货期、强大的技术支持、同行业最强大的研发能力，所有这一切都确保了美国邦纳在光电领域中领先者的地位。

美国邦纳致力于为客户提供以传感为核心的综合自动化解决方案，以“创新和服务”为企业使命的美国邦纳工程公司，正凭借着世界一流的精英团队、贴心服务、优质产品、先进技术及战略性的眼光，为邦纳的新世纪版图拓展写就华彩篇章，为更多企业的发展壮大提供领先、可靠的控制和检测解决方案。

46传感器市场领导者为您的企业保驾护航过去的15年，在由第三方组织的工程师购买意向调查中，邦纳公司连续50次位于第一位。

而且“财富500强”的大多数公司的传感器也是选用的邦纳公司的产品，他们依靠着邦纳的产品顺利实现了可靠的自动化解决方案。

汽车、家电药品、食品……无论您的企业属于哪个行业，邦纳都有先进的技术、可靠的产品，帮助您实现企业生产的自动化，提高产品的生产效率和质量，为您的企业发展保驾护航。

丰富的产品线，值得您应需选择邦纳拥有超过15,000多种产品，拥有同行业内最完整的产品线，生产包括光电及超声波传感器，视觉传感器、机床安全产品、测量与检测传感器，并且可以为客户各种应用提供解决方案。

我们每天发运数千件产品，平均每3.5秒就有一个邦纳的产品被安装使用！无论您想检测或测量何种部件或材料，邦纳都可以为您提供合适的产品和解决方案。

「常問問題」綜合版本1 (於20１0年9月１７日刊發/於２011年12月1９日修訂）「常問問題」說明我們編制下列「常問問題」，是為了協助發行人理解和遵守《上市規則》，尤其是對某些情況《上市規則》可能未有明確說明，或者是某些規則可能需作進一步闡釋。

下列「常問問題」的使用者應當同時參閱《上市規則》;如有需要，應向合資格專業人士徵詢意見。

「常問問題」絕不能替代《上市規則》。

如「常問問題」與《上市規則》有任何差異之處，概以《上市規則》為準。

在編寫「回應」欄內的「答案」時,我們可能會假設一些背景資料，或是選擇性地概述某些《上市規則》的條文規定，又或是集中於有關問題的某個方面。

「回應」欄內所提供的內容並不是選定為確切的答案，因此是不適用於所有表面看似相若的情況。

任何個案必須同時考慮一切相關的事實及情況。

發行人及市場從業人可以保密形式向上市科徵詢意見。

如有任何問題應儘早聯絡上市科。

以下列表所指的「常問問題」系列是指:系列１ﻩ-ﻩ有關企業管治事宜及上市準則規則修訂系列2ﻩ-ﻩ非主要及輕微規則修訂系列4－網上預覽資料集系列5ﻩ- ﻩ與檢討創業板有關的《上市規則》修訂系列6ﻩ-ﻩ香港交易所為預託證券（香港預託證券）設立的架構系列7-關於須予公布的交易、關連交易以及上市發行人發行證券《上市規則》規定系列8ﻩ－ﻩ與200８年綜合諮詢有關的《上市規則》修訂系列9-ﻩ關於須予公布的交易、關連交易、公司組織章程的修訂及會議通告《上市規則》規定系列10ﻩ-ﻩ關於關連交易的規則修訂系列11ﻩ－關於上市發行人通函及上市文件的《上市規則》系列1２ﻩ-ﻩ關於就礦業公司制定新《上市規則》的規則修訂系列１3 - 有關混合媒介要約的《上市規則》修訂系列14 －關於《上市發行人董事進行證券交易的標準守則》系列15 －ﻩ關於物業估值規定的規則修訂系列１6 －ﻩ檢討《企業管治守則》及相關上市規則 (由系列17取代)系列17 -ﻩ檢討《企業管治守則》及相關上市規則1此綜合版本不包括「常問問題」系列3 - 「披露易」內的「常問問題」。

Malaysia AirlinesFrom Wikipedia, the free encyclopediaMalaysia Airlines (MAS) Penerbangan Malaysia 马来西亚航空公司மலேசிய வான்வழிIATA MH ICAO MAS Callsign MALAYSIANFounded1947 (as Malayan Airways ), October 1, 1972 (as Malaysian Airline System ) Hubs▪ Kuala Lumpur International Airport ▪Kota Kinabalu International AirportSecondary hubsKuching International AirportFrequent-flyerprogram▪ Enrich▪GradsAirport lounge Golden Lounge Alliance N/ASubsidiaries▪ Firefly▪ MASwings ▪MASkargoFleet size 82 (+56 orders, 30 options ) Destinations 85inc. MaswingsCompany slogan Going Beyond Expectations , "MH" is Malaysian HospitalityParent company Penerbangan Malaysia Berhad (Government Holding Company) Headquarters Sultan Abdul Aziz Shah Airport Subang , Selangor , MalaysiaKey people Azmil Zahruddin (Managing Director & CEO) WebsiteMalaysia Airlines System Berhad (MYX : 3786), DBA Malaysia Airlines (abbreviated MAS ), is the government-owned flag carrier of Malaysia . Malaysia Airlines operates flights from its home base, Kuala Lumpur International Airport , and its secondary hub in Kota Kinabalu . It has its headquarters on the grounds of Sultan Abdul Aziz Shah Airport in Subang , Selangor .[1]Despite a financial restructuring exercise in 2006, Malaysia Airlines maintains a strong presence in Southeast Asia , East Asia , South Asia , Middle East and on the Kangaroo Route between Europe and Australasia . Malaysia Airlines also operates transatlantic flights from Kuala Lumpur to Buenos Aires , via Cape Town . It operates transpacific flights from Kuala Lumpur to Los Angeles , via Taipei . In 1997, the airline flew the world's longest non-commercial, non-stop flight from Boeing Field in Seattle to Kuala Lumpur, flying eastward passing the European and African continents and breaking the "Great Circle Distance Without Landing" record for an airliner on a Boeing 777-200ER , longer than the record held by the Boeing 777-200LR .[2] Malaysia Airlines' non-aeronautical revenue sources include maintenance, repair and overhaul (MRO),[3] and aircraft handling. Malaysia Airlines has two airline subsidiaries: Firefly and MASwings . Firefly operates scheduled flights from its two home basesPenang International Airport and Subang International Airport. The airline focuses on tertiary cities although has recently launched services to Borneo from Kuala Lumpur International Airport. MASwings focuses on inter-Borneo flights. Malaysia Airlines has a freighter fleet operated by MASKargo, which manages freighter flights and aircraft cargo-hold capacity for all Malaysia Airlines' passenger flights. MASCharter is another subsidiary of Malaysia Airlines, operating charter flights using Malaysia Airlines' aircraft. After recovering from past losses, Malaysia Airlines is keen on merger and acquisition (M&A) activities: particularly airlines in the Asia Pacific region.[4] Malaysia Airlines was ranked second with score 88 in Aviation Week's Top Performing Companies which accurately measures financial viability of an airline.[5]Since its inception in 1963, after Malayan Airways was separated into two parts, Malaysia Airlines has built up a strong brand name in the aviation industry for service and safety,[6] coupled with numerous awards from international bodies such as Skytrax.[7] Malaysia Airlines is accredited by International Air Transport Association with IOSA (IATA Operational Safety Audit) for its operational safety practices.[8]Malaysia Airlines is one of the seven airlines to be ranked as a 5-star airline by the indepedent research consultancy firm Skytrax.[9] Malaysia Airlines is also listed among Skytrax's Quality Approved Airlines.[10]Contents1 History▪ 1.1 Malayan Aviation History▪ 1.2 Beginnings▪ 1.3 Incorporation▪ 1.4 Expansion▪ 1.5 First unprofitability▪ 1.6 Second unprofitability▪ 1.7 Recovery fromunprofitability▪ 1.8 Everyday Low Fares2 Corporate information▪ 2.1 Subsidiaries▪ 2.2 Financial highlights▪ 2.3 Branding3 Destinations▪ 3.1 Partnerships and codeshareagreements▪ 4 Fleet5 Services▪ 5.1 Ground service▪ 5.2 Airport lounge▪ 5.3 Cabin▪ 5.4 In-flight entertainment6 Frequent-flyer programs▪ 6.1 Enrich by Malaysia Airlines▪ 6.2 Grads▪7 Historical flights▪8 Accidents and incidents▪9 See also▪10 References▪11 External linksHistoryMalaysia Airlines commenced operations in 1987 after the airline changed its name from Malaysian Airline System. The airline began in 1947 as Malayan Airways, being renamed Malaysian Airways after Malaysia gained independence. After that, it changed its name once more to Malaysia-Singapore Airlines and thereafter ceased its operation. It was then divided into Malaysia Airlines and Singapore Airlines.An Airspeed Consul, the first aircraft type operated by Malayan Airways.Malayan Aviation HistoryScheduled air passenger and mail services in Malaya commenced in 1937 when Wearne's Air Service (WAS) commenced operating services between Singapore, Kuala Lumpur and Penang. Wearne's Air Service was started by two Australian brothers, Theodore and Charles Wearnes.[11] The service commenced as a thrice weekly flight between Singapore and Penang The first flight, using an 8-seater de Havilland DH.89A Dragon Rapide took place on 28 June 1937[12]This inaugural flight departed Singapore from the then brand new Kallang Airport which had just opened earlier in the same month on 12 June[13]Later a second D.H.89A enabled the expansion to daily services as well as the addition of Ipoh as a destination. The WAS services ceased with the onset of the Second World War Japanese occupation of Malaya and Singapore.BeginningsAn initiative[14]by the Alfred Holt's Liverpool-based Ocean Steamship Company, in partnership with the Straits Steamship Company[15] and Imperial Airways, resulted in the incorporation in Singapore on 12 October 1937, Malayan Airways Limited (MAL). But the first paying passengers could be welcomed on board only some 10 years later. After the war, MAL was restructured to include just the partnership of Straits Steamship and Ocean Steamship. The airline's first flight was a charter flight from the British Straits Settlement of Singapore to Kuala Lumpur, on 2 April 1947, using an Airspeed Consul twin-engined aircraft.[16] This inaugural flight on the "Raja Udang",[17] with only five passengers, departed Singapore's Kallang Airport and was bound for Kuala Lumpur's Sungai Besi Airport. Weekly scheduled flights quickly followed from Singapore to Kuala Lumpur, Ipoh and Penang from 1 May 1947 with the same aircraft type.[18] The airline continued to expand during the rest of the 1940s and 1950s, as other British Commonwealth airlines (such as BOAC and Qantas Empire Airways) provided technical assistance, as well as assistance in joining IATA. By 1955, Malayan Airways' fleet had grown to include a large number of Douglas DC-3s, and went public in 1957. Other aircraft operated in the first two decades included the Douglas DC-4 Skymaster, the Vickers Viscount, the Lockheed L-1049 Super Constellation, the Bristol Britannia, the De Havilland Comet 4 and the Fokker F27. Over the next few years, the airline expanded rapidly, boosted by post-war air travel demand when flying became more than a privilege for the rich and famous. By 12 April 1960, the airline was operating Douglas DC-3s, Super Constellations and Viscounts on new routes from Singapore to Hong Kong, and from Kuala Lumpur to Bangkok via Penang. Flights were also introduced from Singapore to cities in the Borneo Territories, including Brunei, Jesselton(now Kota Kinabalu), Kuching, Sandakan and Sibu.In 1957, the airline became a state-run stock corporation. With the delivery of an 84-seat Bristol Britannia in 1960, the airline launched its first long-haul international flight, to Hong Kong. When Malaya, Singapore, Sabah and Sarawak formed the Federation of Malaysia in 1963, the airline's name was changed, from "Malayan Airways" to "Malaysian Airlines" (though still abbreviated to MAS). MAS also took over Borneo Airways. In 1966, following Singapore's separation from the federation, the airline's name was changed again, to Malaysia-Singapore Airlines (MSA). The next year saw a rapid expansion in the airline's fleet and routes, including the purchase of MSA's first Boeing aircraft: the Boeing 707s, as well as completion of a new high-rise headquarters in Singapore. Boeing 737s were added to the fleet soon afterward.IncorporationThe differing needs of the two shareholders, however, led to the break-up of the airline just 6 years later. The Singapore government preferred to develop the airline's international routes, while the Malaysian government had no choice but to develop the domestic network first before going regional and eventually international. MSA ceased operations in 1972, with its assets split between two new airlines; Malaysian Airline System (MAS)(now Malaysia Airlines), and Singapore Airlines.With the Singapore government determined to develop Singapore Airlines' international routes, it took the entire fleet of seven Boeing 707s and five Boeing 737s, which would allow it to continue servicing its regional and long-haul international routes. Since most of MSA's international routes were flown out of Singapore, the majority of international routes were in the hands of Singapore Airlines. In addition, MSA's headquarters, which was located in Singapore, became the headquarters of that airline. The initials MSA were well regarded as an airline icon, and both carriers tried to use them. Malaysian went for MAS by just transposing the last two letters and choosing the name Malaysian Airline System, while Singapore originally proposed the name Mercury Singapore Airlines to keep the MSA initials, but changed its mind and went for SIA instead. Acronyms for airline names later became less fashionable, and both carriers then moved on to their descriptive names.ExpansionBoeing 747-400Malaysian Airline System took all domestic routes within Malaysia and international routes out of that country, as well as the remaining fleet of Fokker F27's. It began flights on 1 October 1972. Soon after that, Malaysia Airline System rapidly expanded its services, including introducing long-haul flights from Kuala Lumpur to London.In the same year, MAS operated flights to more than 34 regional destinations and six international services. In 1976, after receiving its DC-10-30 aircraft, MAS scheduled flights reached Europe, with initial services from Kuala Lumpur to Amsterdam, Paris and Frankfurt.An economic boom in Malaysia during the 1980s helped spur growth at Malaysia Airlines. By the end of the decade, MAS was flying to 47 overseas destinations, including eight European destinations, seven Oceania destinations, and the United States destinations of Los Angeles and Honolulu. In 1993, Malaysia Airlines reached South America when the airline received its B747 aircraft. When Malaysia Airlines introduced its service from Kuala Lumpur to South America, MAS became the first and only airline in Southeast Asia to serve South America via its flights to Buenos Aires, Argentina. Malaysia Airlines also flew to Mexico City between 1994 and 1998, taking advantage of fifth-freedom rights which allowed it carry passengers between Mexico City and Los Angeles, enroute to Kuala Lumpur.First unprofitabilityPrior to the Asian Financial Crisis in 1997, the airline suffered losses of as much as RM 260 million after earning a record-breaking RM319 million profit in the financial year 1996/1997. The airline then introduced measures to bring its P&L back into the black. For the financial year 1999/2000, the airline cut its losses from RM700 million in the year 1998/1999 toRM259 million. However, the airline plunged into further losses in the following year, amounting to RM417 million in FY2000/2001 and RM836 million in FY2001/2002. With these losses, the airline cut many unprofitable routes, such as Brussels, Darwin, Honolulu, Madrid, Munich and Vancouver.The airline recovered from its losses in the year 2002/2003. It achieved its then-highest profit in the year 2003/2004, totaling RM461 million.Second unprofitabilityRegional services flown by Fokker F50s, such as this one, were once operated at a substantial loss. In the year 2005, Malaysia Airlines reported a loss of RM1.3 billion. Revenue for the financial period was up by 10.3% or RM826.9 million, compared to the same period for 2004, driven by a 10.2% growth in passenger traffic. International passenger revenue increased by RM457.6 million or 8.4%, to RM5.9 billion, while cargo revenue decreased by RM64.1 million or 4.2%, to RM1.5 billion. Costs increased by 28.8% or RM2.3 billion, amounting to a total of RM 10.3 billion, primarily due to escalating fuel prices. Other cost increases included staff costs, handling and landing fees, aircraft maintenance and overhaul charges, Widespread Assets Unbundling (W AU) charges and leases.[19]The Government of Malaysia appointed Idris Jala as the new CEO on 1 December 2005, to execute changes in operations and corporate culture. Several weaknesses in airline operations were identified as the causes of the RM1.3 billion loss. These included esclating fuel prices, increased maintenance and repair costs, staff costs, low yield per available seat kilometre ("ASK") via poor yield management and an inefficient route network. Under the leadership of Idris Jala, Malaysia Airlines launched its Business Turnaround Plan in 2006, developed using the Government-linked company (GLC) Transformation Manual as a guide. The most substantial factor in the losses was fuel costs. For the period, the total fuel cost was RM3.5 billion, representing a 40.4% increase compared to the same period in 2004. Total fuel cost increases comprised RM977.8 million due to higher fuel prices and another RM157.6[19]million due to additional consumption. In the third quarter, fuel costs were RM1.26 billion, compared to the RM1.01 billion in the corresponding period in 2004, resulting in a 24.6% increase or RM249.3 million.[19] Another factor for the losses was high operating costs. MAS substantially lagged its peers on yield. Some of this gap is due to differences in traffic mix,[20] (less business traffic to and from Malaysia than to and from Singapore), but much of it was due to weaknesses in pricing and revenue management, sales and distribution, brand presence in foreign markets, and alliance base. Malaysia Airlines has one of the lowest labour costs per ASK at USD0.41, compared to other airlines such as Cathay Pacific and Singapore Airlines at USD0.59 and USD0.60[20]respectively. However, despite its low labour cost, the ratio of ASK revenue (millions) to this cost was, at 2.8, much lower than Singapore Airlines, where the ratio is 5.0, and slightly higher than Thai International Airways[20]There are other factors listed in the Business Turnaround Plan of Malaysia Airlines, all leading to the net loss of RM1.3 billion in the year 2005.Recovery from unprofitabilityA Boeing 777-200ERUnder the various initiatives, launched together with the Business Turnaround Plan, Malaysia Airlines turned losses into profits between FY2006 and FY2007. When the Business Turnaround Plan came to an end, the airline posted a record profit of 851 million Ringgit (265 million dollars) in 2007, ending a series of losses since 2005. The result exceeded the target of RM300 Million by 184%.[21]Among the initiatives that turned losses back into profit, route rationalising was one of the major contributors. Malaysia Airlines pared its domestic routes from 114 to 22, and also cancelled virtually all unprofitable international routes (such as Kuala Lumpur-Manchester, that required a 140% load factor to break even). Apart from that, Malaysia Airlines also rescheduled all of its flight timings and changed its operations model from point to point services to hub and spoke services.Additionally, the airline started Project Omega and Project Alpha to improve the company's network and revenue management. Emphasis has been placed on six areas: pricing, revenue management, network scheduling, opening storefronts, low season strategy and distribution management.Malaysia Airlines has been involved in discussions for new aircraft purchases, using its cash surplus of 5.3 billion Ringgit to eventually purchase 55 narrow-body aircraft and 55 wide-body aircraft.[22]Despite all these achievements, the airline is still frequently the target of critics who often deride the carrier is lagging behind their competitors in the region. This notion is not helped by the fact Malaysia Airlines has not made substantial investments in customer service, especially compared to Thai Airways or Singapore Airlines.On 22 December 2009, Malaysia Airlines announced the purchase of 15 new Airbus A330 aircraft, with options for another 10. Expected to be delivered between 2011 and 2016, they are intended to operate on medium-haul routes to eastern Asia, Australia, and the Middle East. The airline's plans are to run Airbus A380planes, which will be introduced into service in 2012, on long-haul routes, A330s on medium-haul routes, and Boeing 737 aircraft on short-haul routes. Under this plan, it is unclear where Boeing wide-bodies currently in the fleet would fall.[23]Everyday Low FaresMalaysia Airlines took an unprecedented move with its “Everyday Low Fares” (ELF) programme on 6 May 2008 which offers 1.3 million RM 0 for all domestic routes operated by Malaysia Airlines and Firefly.[24] According to the managing director of Malaysia Airlines, Datuk Seri Idris Jala the Everyday Low Fares programme will create new demand for people who do not fly with Malaysia Airlines.[25]The Everyday Low Fares programme offers a maximum of 30% of the total seats on every flight which are unsold due to the average load factor of 70% on each flight. Thus, Malaysia Airlines is generating income for the airline through fuel surcharge, administrative fee and airport tax.[26] By 14 May 2008, Malaysia Airlines has sold more than 150,000 seats since the launch of the programme and 50,000 tickets has been sold in the first two days.[27] Malaysia Airlines is also extending the programme to allASEAN routes operated by Malaysia Airlines (except Yangon).[28]However, the Everyday Low Fares programme launched by Malaysia Airlines has been strongly opposed by Asia's largest low-cost carrier, AirAsia, which claims that Malaysia Airlines is competing directly with AirAsia's business model but at the same time not allowing the budget carrier to compete against the national airline.[29]Corporate informationMalaysia Airlines is listed on the stock exchange of Bursa Malaysia under the name Malaysian Airline System Berhad. The airline suffered high losses over the years due to poor management and fuel price increases. As a result of financial restructuring (Widespread Asset Unbundling) [19]in 2002, led by BinaFikir, Penerbangan Malaysia Berhad became its parent company, incorporated in 2002, in exchange for assuming the airline's long-term liabilities. On the operational side, the Government of Malaysia appointed Idris Jala as the new CEO on 1 December 2005, to execute changes in operations and corporate culture. Under his leadership, Malaysia Airlines unveiled its Business Turnaround Plan (BTP) in February, 2006, which highlighted low yield, an inefficient network and low productivity (overstaffing). The airline headquarters building in downtown Kuala Lumpur was sold. The new corporate headquarters is now at Sultan Abdul Aziz Shah Airport in Subang, Selangor.Malaysia Airlines Boeing 777 flight MH138 docked at Adelaide Airport awaiting departure Following the Widespread Asset Unbundling (WAU) restructuring of Malaysia Airlines, Malaysian Government investment arm and holding company, Khazanah Nasional's subsidiary, Penerbangan Malaysia Berhad[30]is the majority shareholder with a 52.0% stake.[30] After Penerbangan Malaysia Berhad, the second-largest shareholder is Khazanah Nasional, which holds 17.33% of the shares. Minority shareholders include Employees Provident Fund Board (10.72%), Amanah Raya Nominees (Tempatan) Sdn Bhd (5.69%), State Financial Secretary Sarawak (2.71%), foreign shareholders (5.13%)[30] and Warisan Harta Sabah (2.4%). It has 19,546 employees (as of March, 2007).[31]Malaysia Government has been reporting that the government's holding company, Khazanah Nasional is keen on selling shares of Malaysia Airlines to remain globally competitive in an industry which is fast-consolidating.[4]SubsidiariesMain article: Malaysia Airlines SubsidiariesMalaysia Airlines has diversified in to related industries and sectors, including aircraft ground handling, aircraft leasing, aviation engineering, air catering, and tour operator operations. It has also restructured itself by spinning-off operational units as fully-owned subsidiaries, to maintain its core business as a passenger airline. Malaysia Airlines has over 20 subsidiaries, with 13 of them fully owned by Malaysia Airlines.[32]Some of the subsidiaries include:Company Type Principal activities Incorporated inGroup's EquityShareholdingMalaysia Airlines Cargo Sdn. Bhd SubsidiaryCargo Malaysia 100%GE Engine Services Malaysia JointVentureEngine Overhaul Malaysia 30%MASWings Sdn. Bhd. SubsidiaryAirline Malaysia 100%Firefly Sdn. Bhd. SubsidiaryAirline Malaysia 100%MAS Aerotechnologies Sdn Bhd SubsidiaryMRO Malaysia 100%MAS Golden Holidays Sdn Bhd SubsidiaryTour operator Malaysia 100%Malaysian Aerospace Engineering Sdn Bhd SubsidiaryEngineering Malaysia 100%MAS Academy Sdn Bhd SubsidiaryFlight school Malaysia 100%Abacus Distribution Systems (Malaysia) Sdn Bhd SubsidiaryComputerreservation systemMalaysia 80%Taj Madras Air Catering Limited Associate Catering India 20%MAS Catering (Sarawak) Sdn Bhd SubsidiaryCatering Sarawak 60%LSG Sky Chefs Associate Holding company Malaysia 30%MAS Engineering Training Centre SubsidiaryMaintenanceTraining schoolMalaysia 100%Financial highlightsMalaysia Airlines experienced its worst lost in FY2005, with RM1.25 billion losses. Since then, the Business Turnaround Plan was introduced to revive the airline, in the year 2006. At the end of the airline's turnaround program, in financial year 2007, Malaysia Airlines gained RM851 million net profit: a swing of RM987 million compared to RM134 million in losses in FY2006, marking the national carrier‟s highest-ever profit in its 60-year history. The achievement was recognised as the world‟s best airline-turnaround story in 2007, with Malaysia Airlines being awarded the Phoenix award by Penton Media's Air Transport World: the leading monthly magazine covering the global airline industry.[33]Malaysia Airlines Financial Highlights.[34]Year ended/(Quarter Ended)Revenue(RM'000)Expenditure(RM'000)Profit/(Loss)after Tax (RM'000)ShareholdersFund (RM'000)EPS aftertax(cents)31 December 2002 8,864,385 8,872,391 336,531 2,562,841 38.7 31 December 2003 8,780,820 8,591,157 461,143 3,023,984 36.831 December 2004 11,364,30911,046,764326,07 3,318,732 26.031 December 2005 9,181,338 10,434,634(1,251,603) 2,009,857 (100.20)31 December 2006 13,489,54913,841,607(133,737) 1,873,452 (10.90)31 December 2007 15,288,6414,460,299852,743 3,934,893 58.0531 December 2008 15,503,71415,259,027245,697 4,186,000 14.6231 December 2009 12,782,08612,288,98493,106 747,596 28.6430 June 2010 6,521,913 6,734,253 (212,340) 3,154,791 (7.18) BrandingMalaysia Airlines' branding and publicity efforts have revolved primarily around flight crew, unlike most other airlines which tend to emphasise aircraft and an extensive route network. Malaysia Airlines uses its flight attendants to promote the airline. This branding strategy seeks to portray cabin crews of Malaysia Airlines as representative of Malaysian hospitality and friendliness.[35] During the late 1990s to year 2007, Malaysia Airlines has been using the Going Beyond Expectations slogan to brand itself internationally by heavily promoting its service excellence. With the rollout of the Business Transformation Plan in 2008,[36] the CEO of Malaysia Airlines rejected the idea of using MH's network or certain other features as its new branding strategy.[37] Instead, the new branding strategy slogan is MH is Malaysian Hospitality, to emphasise the hospitality of its cabin crew insteadof the airline's extensive network and its premium cabin and economy class cabin products.The airline runs a training program for cabin and flight crew to ensure that the Malaysia Airlines brand experience is delivered correctly. The airline's repute, and the resulting prestige of the job, has allowed it to be highly selective during its recruitment process. Of every thousand candidates who go for interviews, only 50 or 60 are chosen.[37]Corporate imageThis article needs additional citations for verification.Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (December 2010)Malaysia Airlines introduced Sarong Kebaya design on 1 March 1986[38]for female flight attendants. It was designed by the School of Fashion at Mara Institute of Technology (Malay: Institut Teknologi Mara) and later known as Mara University of Technology (Malay: Universiti Teknologi Mara). The batik material depicts the kelarai motif, which is a bamboo weave pattern.It appears in the background in subdued hues of the basic uniform colour. Superimposed on the kelarai motif is a mixture of Malaysian flora, such as the cempaka, jasmine and the leaves of the hibiscus. The geometric Sarawakian motif is used for the lapels of the baju, edges of sleeves and the sarong. On 1 January 1993, the colours of the batik were enhanced to complement the colour of the new uniform. The male flight attendants wear Ottanio colour jackets.[35]The uniforms of the Singapore Girls (stewardesses of Singapore Airlines) are similar to Malaysia Airlines' female flight attendants' uniform.Malaysia Airlines flight crewColour Code of female flight attendants▪Sarong Kebaya with yellow flowers with red background are for the Inflight Supervisors▪Sarong Kebaya with pink flowers are for Chief Stewardesses, Leading Stewardesses and FlightStewardesses (see difference from the name tag)▪Sarong Kebaya with magenta flowers are for the ground frontlinersColour Code of male flight attendants▪Black coat with red tie are for the Inflight Supervisors▪Dark shade Ottanio colour jackets are for Chief Stewards, Leading Stewards and Flight Stewards (seedifference from the name tag)▪Light shade Ottanio colour jackets are for male ground frontlinersCorporate logoThe history of the airline started in 1937, when Malayan Airways Limited was registered as a company. Flying operations started in 1947, with the aircraft bearing the symbol of a winged tiger. In 1963, the airline was renamed Malaysian Airways Limited, when the Federation of Malaysia was formed. Subsequently, Borneo Airways Limited was absorbed by Malaysian Airways Limited. In 1965, with the political separation of Singapore from Malaysia, there was continued participation by the governments of Malaysia and Singapore in the airline. In 1967, the company changed its name to Malaysia-Singapore Airline Limited (MSA), which was the joint national air carrier for both countries, and a new logo was introduced.In 1971, Malaysia-Singapore Airline Limited was separated into two airlines, each with its own policies and objectives, leading to the birth of Malaysia's flag carrier, Malaysian Airline System (MAS), on 3 April 1971. The name was chosen because, in abbreviated form, MAS (as in E MAS) in Malay means gold, to symbolise quality service.A new corporate logo designed by Mara Institute of Technology (Malay: Institut Teknologi Mara) later known as Mara University of Technology (Malay: Universiti Teknologi Mara) was introduced on 15 October 1987, retaining the essence of the moon kite, with a sheared swept-back look. Along with the new corporate logo, a new type style - MALAYSIA, was created. It is italicised to slant parallel with the logo to accentuate speed as well as direction. Within this corporate typestyle, the letters MAS bear red clippings to denote the initials of the statutory name of the airline, Malaysian Airline System (MAS), and were added after the original design was rejected by former Prime Minister Tun Dr. Mahathir. The introduction of blue to the original red logo has national significance. The red and blue divides equally in the middle to denote equilibrium.DestinationsMalaysia Airlines, along with Air France, British Airways, Delta Air Lines, Emirates Airlines, Korean Air, Qantas, Qatar Airways, Singapore Airlines (from 27 March 2011), South African Airways, and United Airlines, is one of the few airlines that fly to all six inhabited continents.See also: Malaysia Airlines destinations。