I'd certainly go so far as to say MAS are in serious financial trouble.
Their MD said in February:
On its current business assumptions, course and speed, MAS will likely fail, running out of cash in April 2006.
There is no question that MAS is in crisis within the increasingly challenging Asian airline industry. Today we have a cash and profit crisis. On current business assumptions, course and speed, we will surely fail unless we radically change the way we run our business.
To their credit they have been very open about the steps to be taken and even published a turnaround plan
here (PDF).
Hopefully this will be successful, but it involves shedding routes, jobs, aircraft etc.
(Incidentally, AFFF, as has been said here numerous times, healthy loads don't mean the route is healthy. Any airline can deliver healthy loads by cutting fares. Load factors are only half the story - you need to know what the yield was too.)