Malaysia Airlines (MAS) is entering a rapid fleet and network growth phase, emboldened by fresh funding support under a well-supported rights issue and a return to profitability (albeit slight) in 4Q2009. Investors liked the result, sending MAS’s shares up over 5% yesterday. But a 30% year-on-year yield collapse in the fourth quarter, resulting in a 25% slump in revenue is a major concern as the carrier embarks on an aggressive growth phase. Will the wheels just spin faster with little to show on the bottom line over the next few years? And where is MAS at with its alliances strategy?