Air Malta raises revenue by 52% during seat sale
Air Malta raised its revenue by 52% during the week of a seat sale to promote flights to Malta, Finance Minister Tonio Fenech said this afternoon.
He was speaking during the inauguration of the new Air Malta head office at Skyparks Business Centre at Malta International Airport.
Mr Fenech said that the national airline had offered flights to Malta with a 25% price reduction in a bid to improve traffic. As a result, sales during that week increased by 5,000 seats, or 69%.
He said Air Malta was showing itself to be responsive to market demands. Its recent rebranding exercise showed how it was marketing not just itself, but also the country.
The restructuring exercise was on target and the airline would this year receive €40m from the government in terms of what was agreed with the European Commission.
Company chairman Louis Farrugia expressed his pleasure over the progress being made by the airline in terms of its restructuring programme. The airline, he said, was becoming increasingly efficient in the face of the challenges posed by high fuel prices, the unfavourable economic climate and low cost airlines.
He said the move from the former barracks that housed the head office to an open plan environment was further improving communication and efficiency.
Mr Farrugia noted that the airline made an operating profit in the second quarter and had also registered good results in the third quarter. The company was, however, continuing to rein in its spending.
CEO Peter Davies said the move to Skyparks was a significant step forward in the life of the company.
75% of the changes that Air Malta had needed to make involved a culture revolution, and the move to an open plan was equally challenging for the staff members.
He said he was exceptionally proud of what Air Malta had achieved in terms of restructuring, although there was still a long way to go.