Malaysia Airlines reports big losses, massive job cuts - KTRE.com | Lufkin and Nacogdoches, Texas

Malaysia Airlines reports big losses, massive job cuts

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Malaysia Airlines has suffered twin catastrophes within five months of 2014. (Source: CNN) Malaysia Airlines has suffered twin catastrophes within five months of 2014. (Source: CNN)
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(CNN) - Battered by two deadly disasters this year alone, Malaysia Airlines now knows more about its financial loss.

The carrier lost $97.4 million in the three months ending in June.

The report is likely to be the airline's last as a public company.

The airlines will cut 6,000 workers as part of a major overhaul, according to a company owning the carrier, the Associated Press has reported.

Khazanah, a Malaysian sovereign wealth fund which owns nearly 70 percent of the airline, plans to buy out small shareholders as a first step to overhauling the national carrier.

MH17 was shot out of the sky in July over territory that was controlled by pro-Russian militants battling the Ukraine government.

The United States says a surface-to-air missile took down the plane.

In March, Malaysia Airlines Flight 370 disappeared with 239 people on board.

No trace of the plane has been found.

Copyright 2014 CNN. All rights reserved.

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