As beleaguered Malaysian Airlines grapples with its second disaster in just over four months, concerns about the survival of the loss-making flag carrier are mounting.
"Even before the incident we were very skeptical that Malaysian Airlines could survive beyond a year because in the current situation they are incurring losses in excess of about 5 million ringgit ($1.56 million) per day. In order for them to get out of the dire situation they would need to get some sort of miracle," Mohshin Aziz, an aviation analyst at Maybank told CNBC on Friday.
"But unfortunately, another disaster struck so things are looking even grimmer than before," he said.
On Thursday, a Malaysia Airlines passenger plane crashed in eastern Ukraine, believed to have been brought down by a surface-to-air missile. There were no survivors on board MH17, a Boeing 777 jet, which was en route from Amsterdam to Kuala Lumpur and carrying 298 people.
This tragic incident comes just months after the troubling disappearance of another Malaysia Airlines carrier traveling from Kuala Lumpur to Beijing. The wreckage of flight MH370, believed to have been diverted from its original route to Beijing and crashed into the southern Indian Ocean in March, has yet to be found.
The latest tragedy is set to add to the financial woes of the carrier, which is already in bad shape having reported a loss of $138 million in the January to March period – its worst quarter in over two years.