Malaysia Airlines (MAS) cut as many as 12% of their routes in order to cut operation costs. I think MAS can maintain their Kuala Lumpur - Rome route with twice weekly instead trice weekly. Singapore Airlines (SIA) operate Singapore - Rome twice weekly with 777-300 but with a better products offering compared with MAS.
Furthermore, MAS should think to replace the existing aircraft which have high in maintenance costs and high fuel consumption. Malaysia Airlines should buy at least 3 Boeing 747-8 which will be used to Amsterdam, Sydney, Tokyo and New Delhi routes together with 6 A380s that will be operated to London, Amsterdam and Sydney routes. As far as I can see Kuala Lumpur to Los Angeles via Taipei has shown good load factor and almost 100% load factor. Maybe MAS should think to increase to 4 times weekly instead of 3 times weekly.
The existing aircraft should refurbish in line with other airlines starting with MAS' Boeing 777-200 as a kick start for turnaround plan. Based on survey I conducted, most of the people fly with other airlines because of in-flight services or products.
4x A380 use in London route
1x A380 and 1x 747-8 use in Amsterdam route
1x A380 and 1x 747-8 use in Sydney route
1x 747-8 use in Tokyo and Delhi