Malaysia Airlines (MAS) said today it posted a smaller net loss of RM79.679 million in the first half compared with last year's RM557.60 million loss.

Malaysia Airlines attributed the improvement to cost control measures, lower finance charges and a lower average fuel price.

The national carrier said it turned around in the second quarter to September with a net profit of RM1.117 million against a RM236.911 million loss a year ago, as the various turnaround programs initiated in the second half of 2001 began to take effect.

However Malaysia Airlines had forecast a net profit of RM94.2 million for the year to March.