Between April and June this year Air Malta halved its operating loss, increased revenue and passenger figures and maintained a steady seat load factor when compared to the same period last year.

The airline announced its results for this quarter in a statement today.

It said it reduced the operating loss for the quarter to €3.3 million (€6.1 million loss during the same period last year).

The net result after restructuring costs (largely one-time charges) and interest costs was a loss of €4.9 million (€10.6), as anticipated in the Restructuring Plan approved by the European Commission.

Air Malta said these figures continued to build on the progress registered during the financial year ended in March.

The audited financial statements will be presented at the annual general meeting and published in October.

Air Malta said the results were driven by constant improvements in the airline's revenue of €5.7million and by the increases in passenger numbers to 498,692 passengers (+28,908 passengers. The airline registered a seat load factor of 74 per cent over this period.

Performance on scheduled flights for the first quarter met expectations and was significantly better than last year.

Air Malta registered its best June in terms of passenger numbers in five years.

On time performance, being reported for the first time in the airline’s quarterly figures, has improved by 5.5 per cent to 84.6 per cent. This measure indicates the percentage of flights that departed within 15 minutes of their scheduled time.

Chief Executive Peter Davies said: "these results continue to confirm that Air Malta is on its way to recovery. They could not have been achieved without the commitment and dedication of our management and staff that are together working very hard to turnaround this airline.

“In the past two years, the airline has achieved major milestones reducing its losses from a budgeted annual loss of €55million in financial year 2011/12 to a budgeted €15 million loss in financial year 2012/13. We are meeting the milestones listed in the Restructuring Plan.

“A total 75 per cent of the 160 projects initiated by the airline have been successfully completed and we are reaping the benefits from the reduction in costs and the increases in revenue these projects are generating.

“We are on track with our revenue targets but much more needs to be done to reduce costs. We need and can do more,” he said.

Mr Davies added, “We now require to push forward our second phase of development which includes a significant overhaul of business processes in our back office, cabin and ground services divisions. This overhaul is aimed at developing a more customer-centric experience for our passengers and driving costs down. At the same time we will continue to seek to increase revenues, particularly through ancillary sales.

“Let me make myself absolutely clear. Our challenges are still significant and this year we have a tough challenge to achieve the financial breakeven milestone. This requires the understanding and support of all our stakeholders including the employees, unions and suppliers amongst others.

“The quick wins are now behind us and the road forward requires courage and stamina,” Mr Davies said.

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