Air Malta’s revenue rose by €3 million and expenditure dropped by an equivalent amount in the 11 months to February, signalling modest improvement, according to Finance Minister Tonio Fenech.
The airline’s financial year ended in March but although the results for the 11-month period were still far off the €30 million increase in revenue and an equivalent drop in expenditure the airline hoped to achieve in the coming years, Mr Fenech said the results were encouraging.
He was speaking at yesterday’s official opening of the air travel fair Amitex, which is being held at the Malta Fairs and Conventions Centre in Ta’ Qali. The fair will remain open until Sunday.
Mr Fenech attributed the improvement to the airline’s implementation of the restructuring plan despite not yet having the European Commission’s rubberstamp.
“These results, obtained in circumstances where fuel costs continued to increase, will further help us convince the Commission that the restructuring plan is viable,” Mr Fenech said.
Asked about the Commission’s evaluation of the restructuring plan, Mr Fenech said the airline was in the process of submitting counter reactions to a number of objections raised by third parties after the Air Malta plan was published by Brussels.
“There are technical and legal issues that have to be addressed but we are confident of a positive outcome,” he said.
Air Malta chief executive Peter Davies said the airline expected Brussels to give its go-ahead for the restructuring plan by summer.
He said the airline expected to carry more than 1.2 million passengers to and from Malta in the summer months, comparable to last year’s figures.
Air Malta was also operating “a substantial” charter business, he added, noting that the airline carried more than 35,000 Israeli tourists last year, a figure that would be repeated this year.
Air Malta will also operate charter flights from six regional UK airports and is expected to carry 48,000 passengers.
Mr Davies thanked Air Malta employees who “despite these trying times” continued to work hard “day in, day out” to ensure the airline gave the best to its customers.