Every three to four years or so, Malaysia Airlines Bhd takes centrestage, and often, it is for the wrong reasons.

It is now about four years since the new Malaysia Airlines was set up, supposedly on a clean slate with a RM6bil cash injection from its parent Khazanah Nasional Bhd, but whatever the turnaround plan, it has yet to yield the returns shareholders were hoping for.

It seems hazy as to when it would yield the returns, having failed to keep earlier profitably deadlines. It operates in a competitive landscape armed with a high cost base and a less-appealing product than its rivals in the premium market segment.

This week, Khazanah’s new managing director Datuk Shahril Ridza Ridzuan admitted that “quite clearly, the strategy put in place for Malaysia Airlines has not met its objectives. This is a fact we have to acknowledge.’’ He wants a complete review as Khazanah, which owns the airline, reported a pre-tax loss of RM6.3bil for 2018, its first since 2005, and about half of the provisions were for Malaysia Airlines.

For now, Malaysia Airlines is hammering out a new plan which is likely to be presented to Khazanah over the next few weeks.

Malaysia Airlines CEO Captain Izham Ismail replied to queries saying “we are in close discussions with our stakeholder and board of directors on Malaysia Airlines Group’s next phase of the turnaround plan and will update when it is ready”.

“Malaysia Airlines is the biggest problem for Khazanah. It is pretty obvious, given the fact that huge sums of capital have been exhausted not too long ago and it is back to square one....it is simply not working and Shahril has made an honest assessment,” says Maybank Investment Bank director Mohshin Aziz.

The irony of it all is that after several glossy restructuring and turnaround plans over the years and with over RM10bil cash being injected in over a decade, two foreign CEOs being hired, 6,000 job cuts, other cost cuts and a new company in Malaysia Airlines being set up to start on a clean state, the airline is still in dire need of a new plan and more funds.

The question now before the shareholders is: what more can Malaysia Airlines do to change its situation when all plans have failed?

Experts are giving up on the airline and saying that perhaps it should just be “sold or shut down’’, and some have even suggested that it be sold for RM1 just like AirAsia some 18-19 years ago as it is thriving now.

“Nothing will change at Malaysia Airlines unless there is real political will to change it. But having said that, the best service Khazanah can do to Malaysians is to shut the airline down,’’ says Shukor Yusof, the founder of Endau Analytics.

Mohshin adds that “some people are taking a nostalgic view that the government needs to save Malaysia Airlines no matter what. But let’s assume that this is your own money; will you give it knowing fully well of the management’s track record?’’

That aside, some weeks ago, the team at Malaysia Airlines is said to have made a presentation of its business case to the powers-that-be, but were told to come up “with something more viable.’’

“The thrust of that plan was to drive incremental RASK (revenue per available seat km) and CASK (cost per available seat km) improvements, more airline partnerships, improve productivity, and look into new ways to monetise its product,’’ aviation sources say.

Khazanah has classified Malaysia Airlines as a strategic investment and if earlier restructuring and turnaround plans were largely driven by Khazanah, the new way forward is that Malaysia Airlines’ board and its management team craft their own business plan and be liable for it.

A review would also come with a cash infusion or else any new plan will not work, say the experts. They are looking at a RM3bil figure, even though some believe that Khazanah may only want to part with RM1bil for now.

“The industry is different now because there is an economic regulator in the form of Mavcom. Any form of subsidy is regarded as anti-competitive. We are not sure what is Mavcom’s view of capital injection; if using public funds is regarded as subsidy or not?’’ says Mohshin.