The National Airline has reduced the operating loss for the quarter to 4.8 million euros (Q3 2011: 9.8 million euros loss).
Following a Board of Directors meeting held yesterday 24th January 2013, Air Malta announced its 3rd quarter (Oct-Dec 2012) results that confirm steady financial progress. During this period the airline has halved its operating loss, increased its revenue, seat load factor and passenger figures over the same period last year.
The National Airline has reduced the operating loss for the quarter to 4.8 million euros (Q3 2011: 9.8 million euros loss). The net result position after restructuring costs (largely one-time charges) and interest costs is a loss of 8.5 million euros (Q3 2011: 11.9 million euros loss), as anticipated in the Restructuring Plan approved by the Commission.
These figures continue to build on the progress registered in the first two quarters of the financial year and show that the airline is on track to achieve its stated milestone of halving last year’s 30 million euros operating loss in the current financial year. These positive interim 3rd quarter results were driven by constant improvements of the airline’s revenue (+9.7% to 47.7 million euros), passengers numbers (+3.5% to 377,951 passengers) and seat load factor (+1.0% to 75.1%).
Commenting on these figures Chief Executive Peter Davies said, “Despite this being a lean period of the year these results continue to confirm that the airline is on its way to recovery. Each and every action we have taken over the past two years was aimed to increase revenue and reduce costs. We are substantially on track in our revenue targets but much more needs to be done to reduce supplier costs. Peter Davies added, “Our stronger financial platform now allows the company to enter into its second phase of development which includes a significant overhaul of business processes in our Finance, Cabin and Ground Services divisions. This is aimed at developing a more customercentric experience that will require the vital and responsible role of our employee unions as well as a change in management structure which will be announced next week.
“The challenges for Air Malta are still significant and we must succeed, together with all our stakeholders, to achieve our targeted operating break-even figure in the next Financial Year”, concluded Mr Davies.
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