Tuesday, November 15, 2011

Doggoned MP Bung Mokhtar, MAS Is Not Worth Crying For


Hantu Laut

Does he know anything about doing business? 

Can he interpret a "Balance Sheet" or read and make sense of "P&L" account statement, or understand what "PE" ratio is, or what is meant when a company is "highly geared" ? Has he any idea what is quick ratio/acid test or what are the negative aspects of "LBO" and what "insider trading" are?

I am sure this kampong bully who made it to the august house do not understand the intricacies of the corporate world.
Just because some smart sounding alecs and clueless opposition leaders and equally clueless bloggers criticised the share swap between the two companies, politically motivated and out of envy rather than concerned for financial probity. 

Envy, because that Indian(Sri Lankan, if you wish, a good Ceylonese friend of mine refused to be called Indian, preferring to be called Jaffnese, which he thinks is more exotic) wiz-kid can do what they can't even dream of, let alone doing it. 

Bung Mokhtar's grandstanding here.

Tony Fernandez is an icon of corporate Malaysia, a true entrepreneur, rag to riches story that one should emulate and be proud of. He has done more for this country than some of the asses in our august house.

From opposition leaders with politically motivated agenda, the dickhead leaders of MAS Union, to this hillbilly from Sabah, I suggest you know your subject first before you open your big mouth. MAS is a public listed company, anyone can buy into it.

Business is not run on emotion or sentiment, it's fuelled by money, the more the merrier.

Get it into your thick head, MAS is a very sick company, a cash guzzling monster ran by incompetent people. 

When it was wholly owned by the government the accounts were never published publicly, so we have no way to gauge its performance then, keeping the people in the dark and it was taxpayer's money that kept it going.

We only come to know the state of its health and the incompetence of its management after it went public. The government should wash its hand off this sick baby, either privatise the airline or close it down and let free enterprise takes over the airline business in this country.

Air Asia has done more for air travel in this country than MAS ever did.It has made air travel affordable to the poor and low income group.

Unfortunately, MAS has still not woken up to its mistakes, the management is still fast asleep and they still have the highest fare among airlines in this region.They are only interested in winning stupid awards like "finest 1st class cabin service" and so forth.

While other airlines reduced fares to get bigger business volume, MAS is only interested in maintaining its "haute couture" image, which it can hardly afford.The only way it can survive is to sack half the workforce. Tony Fernandez and the new board should do just that.

To give you an idea on how incompetent those running the airline, I would like to show some online fares of various airlines from Kuala Lumpur to London.

I booked for my family of 4 adults and 2 children lowest fare of no less a premier and much superior airline than MAS on exactly the same dates.The difference is shocking.

MAS fares are an airline death wish.

Below are fare comparisons:
Adults 4, children 2. (London/KL Return)

MAS:MYR62,990

SIA:MYR22,934

EMIRATES:MYR27,264

ETIHAD:MYR26,984

KLM:MYR23,814

All are full-frills airlines. SIA is using Airbus A380 and MAS using its ageing B747 -200 and 400.

Those who think so great of MAS better think again.Just look at the prices. 

All the other airlines fares are pretty close, which means, they understand competition, while MAS is still sitting on its laurel waiting for Santa Claus to save the airline.

Tony Fernandez has a track record of turning a loss making 2-plane airline formerly owned by the government, which he bought for a song and a huge debt and turned it into the pride of the nation. The biggest low cost carrier in Asia, making air travel a reality for the ordinary people.

What has Bung Mokhtar and all the bumiputras, who ran MAS have to show the world what good they have done for this country.

People who lives in glass houses should not throw stones.

He is a coward using parliamentary immunity to shield himself from libel action. 

He should repeat what he said outside Parliament.

8 comments:

Raj said...

Re your statement: "a good ceylonese friend of mine refused to be called Indian, preferring to be called Jaffnese, which he thinks is more exotic", I cite the following extract from 'Wikipedia - Sri Lankan Tamil Diaspora - Malaysia and Singapore':
"It was in Malaysia and Singapore, that the term Ceylonese and Jaffnese were popularly used by the Sri Lankan Tamils to differentiate themselves from the larger Malaysian Indian population who were predominantly of Tamil origin".

Anonymous said...

Bro, u talk cock lah. If you are so smart, pls do the simulation of the ROI on the aircraft value and price of tickets sold. A proven expert told TF that he is so cunning that he can make a lot profit by selling tickets at RM 1. Any con man can make Alot of profit if he doesn't have to pay for the capex, just collect revenue while capex paid by u n me a.k.a money laundering.

Hantu Laut said...

Anonymous 11.45,
Yes, you are as smart as Einstein but more stupid than Fernandez.He makes a lot of money, Einstein didn't.

Malaysian tax law does not allow capital expenditure to be deducted as expense in the year of purchase, it must be capitalised and amortised over the useful life of the asset.Of course there are ways to get around it.

At the end of the day it is profit that eventually pay back the cost of acquisition, but if you are like MAS, which I think you are, you are fucked, because you are not like con man Fernandez who is so smart, can make lots of money selling airfare at RM1.00. He even paid RM1.00 to buy the airline.That's why the Chinese and Indians make better con man than the Malays.

Hantu Laut said...

Raj,

Sure, from now on I'll call myself "Tuaranian" or "Tuaranist" because I came from the place.I have to decide which one sounds euphonious.

SM said...

Raj,

The Ceylonese in Malaysia have always though they were more superior to the "other" Malaysian Indians that's why they have always refused to call themselves Indians.
A rose by any other name bro...
They think they came from where then?

SM said...

Bro HL,

Hahahaha....you call my hero Bung Mokhtar Bin Bocor "Hillibilly from Sabah"?!
He may be stupid but I guess he's screwing Zeze every night (well I hope he is anyway!)!
On a more serious note...no matter what everyone says, there will always be Malaysians like Tony Fernandez who will go out there & make Millions despite whatever crap anyone thorws at them!

Purple Haze said...

HL

Bung Mokhtar is the epitome of the village bumpkin. His seat in Parliament is a travesty of intelligence.

Anonymous said...

Bro,I hate to say this but I agree with "That's why the Chinese and Indians make better con man than the Malays."

One more thing, people remember Einstein till now, but can you name me who was the richest man 50 years ago.

Con man pro money.