The future for global aviation is "really bleak" unless the industry takes drastic measures including mergers and substantial fare increases, Malaysia Airlines said Friday.
The national carrier's managing director and CEO Idris Jala said that with oil prices at unprecedented levels more airlines would be forced out of business and the majority would sink into the red.
"The prognosis for the industry is really bleak," he said in an open letter.
"Change -- and I mean drastic change -- is absolutely vital for our survival. That, and a willingness to reinvent the way we operate, including through mergers and acquisitions," he said.