Air Malta reduces losses by €4 milion, registers operating loss of €6.1 million

Announcing its financial figures for its Q1 (April-June 2012), Air Malta said it has reduced losses by €4 million, when compared to the same period last year, and is on target with its budget and the financial projections contained in the Restructuring Plan presented to the European Commission.

During April and June 2012, Air Malta registered an operating loss of €6.1m, €1.2m lower than budget and €3.9m lower than the corresponding period last year. The airline has registered an increased turnover on budget of €2.1m.

During this period the airline transported 472,000 passengers and increased its passenger load factor by 2.6% to 75%.

Air Malta chief executive Peter Davies said, "Air Malta is particularly pleased with these results as they continue to show that we are on track with the Restructuring Plan. We are

cautiously optimistic that we will be able to maintain this momentum and achieve our planned results at the end of this financial year. This we can achieve, despite some setbacks which we need to manage that include the OLT Express aircraft lease termination. We are working hard on a number of options to lease out this aircraft together with our cockpit crew as soon as possible to minimise the financial impact of this termination of lease."