Malaysia Airlines reports big losses, massive job cuts

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.

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