MIAMI — According to Reuters, Malaysia Airlines is waiting for government approval to place a multi-billion dollar order for up to 100 Airbus and Boeing passenger aircraft to boost profitability. Currently, Malaysia has a fleet of 88 aircraft consisting of the Airbus A330 and A380, and they also operate the Boeing 777-200ER and 737.

Malaysia plans to order approximately 30 wide-body aircraft, including Airbus A330s and A350-900s, to replace older Airbus A330s and Boeing 777s. New aircraft may start arriving in 2016.

The carrier could also order either the Boeing 787-10, the Airbus A350-1000, and the 737MAX for its fleet beyond 2020.

By replacing its older and less fuel-efficient aircraft, Malaysia will be able to lower its operations costs, and it should assist the airline in coping with the intense competition in Malaysia and throughout Southwest Asia.

So far, Malaysia Airlines has not commented on this topic.

This rumor comes just after it suffered its fourth-straight quarterly loss in the three months ending in December. It also warned of tougher times ahead as its full-year loss expanded nearly three-fold from the previous year.

The carrier recorded a net loss of 343 million ringgit ($104 million) in the quarter, compared to a 51.4 million ringgit profit a year earlier. It blamed a declining ringgit, unrealized foreign exchange losses and higher operating and finance costs.

For the full year, losses ballooned to 1.17 billion ringgit ($354 million), nearly three times larger than the 433 million ringgit loss in 2012.

“The full-year performance of making a bigger loss in 2013 compared to 2012 demonstrates the challenges brought on by intensifying competition leading to lower yields for all players…going into 2014, Malaysia Airlines expects the business environment to remain challenging with high fuel prices, volatile foreign exchange and intense competition impacting yield from both existing as well as new entrants into the market,” it said in a statement.

“Many airlines are investing heavily in new aircraft and new products and services. This has resulted in a significant increase in capacity and aggressive competition in fares and value proposition to attract and keep market share,” it said.