Malaysia Airlines today announced that it has extended group chief executive officer and managing director Ahmad Jauhari Yahya’s contract for another year.

According to Bernama, his contract has been extended to Sept 19, 2015, effective this Saturday.

Under his watch, MAS suffered two unprecedented disasters – the yet unresolved disappearance of flight MH370 on March 8, and the downing of flight MH17 over a Ukrainian conflict zone on July 17.

MH370, which went missing while carrying 239 passengers and crew from Kuala Lumpur to Beijing is still missing. 

All 298 aboard MH17, which was travelling from Amsterdan to Kuala Lumpur, died.

MAS said the double tragedies dealt a severe blow to its bottom line.

Losses in the second quarter of its financial year ended June 30, 2014 expanding 75 percent to RM307 million compared to last year.

MAS owner, national sovereign wealth fund Khazanah Nasional last month announced that it will inject RM6 billion into MAS, in a restructuring plan which will sees the privatization of the public-listed company.

The plan also involves the slashing of 6,000 jobs.

The government has defended the move, saying it is not a bail-out but an investment as it "intends to recoup every single sen".