Air Malta said today that it made an operating loss of €13.7 million in the financial year which ended in March, down from €29.7 million in the previous year and €34.1 million in year 2011.

It made an operating profit in the first half of the current financial year.

Passenger revenue in the year till March reached €193.4m (€185.7m in the previous year) while revenue from cargo rose to €27.9m from €24.8m the year before.

The fuel bill was down slightly to €64.9m from €66.4m in 2012. In total, operating costs reached €235m from €240m in the previous year.

The results were announced by Air Malta’s Chairman  Raymond Fenech, Chief Executive Office Peter Davies and Chief Financial Officer Nick Xuereb.

OPERATING PROFIT THIS YEAR

The airline said that in the six months from April to September this year it increased its revenue by €9.6 million over the previous year.

It registered an operating profit before restructuring and other related costs of €6.25m ( HY2012 0.41m). The profit for the period after restructuring and finance costs was €2.9m.

Replying to questions, Mr Fenech said Air Malta's board of directors was not aware of any move by the Government to sell part of its shareholding in the airline.

Mr Fenech told timesofmalta.com that he could not exclude that some form of privatisation would be considered in the future if the airline wanted to expand but this was a decision the government would take.

Asked whether the contract of chief executive Peter Davies will be renewed when it expired in March next year, Mr Fenech said discussions would soon start.

"I have a meeting with Mr Davies next week," he said.

When asked whether the board was happy with Mr Davies's performance, Mr Fenech said the results the airline had achieved two-and-a-half years into the restructuring plan were on track.