Tourism Minister Karmenu Vella said at the opening of the Amitex travel fair this evening that Air Malta's losses in the year which ended in March were €25m - €10m more than the operational losses revealed last week.

He said the airline was not out of the woods yet and hard work still had to be done, although he was confident in the airline's future.

When questioned by reporters, Mr Farrugia was non-committal and said he still had to await the review of the new board.

Outgoing chairman Louis Farrugia said the airline was half-way through its restructuring process. The airline had managed to make significant progress, reducing its spending and raising its revenue, he said, while the government had pumped €230m in the company, including €128m in share capital.

He thanked all those involved, including the workers who had believed in the product despite the sacrifices which had to be made. Tough decisions still had to be taken for the airline to return to profitability, he said.

In his address Mr Farrugia cautioned that the airline should be allowed to work without interference, since such interference was one of the reasons for the airline's problems. 

Amitex, being held at MFCC in Ta' Qali, remains open up to Sunday.