Air Malta today announced that it had turned a €10.8 million deficit registered at the end of March 2017 into a profit of €1.2 million in year ending March 2018.
When non-recurring items are taken into account, including the payment of the early retirement schemes and the gain on the disposal of landing rights, the airline registered a profit of €15.7 million, compared to the €13.1 million loss at end March 2017.
The results were announced today during the airline's annual general meeting, which was held at the Corinthia Hotel in Attard.
Air Malta's operating revenue increased by €5.3 million to €197.5 million, mainly driven by an 11% increase in the number of passengers, 8.5% increase in flights and a 2.8% improvement in seat load factor.
Total operating costs decreased by €6.5 million, mainly attributed to a decrease in the price of fuel, aircraft leases and maintenance costs.
Chairman Charles Mangion said that the company had registered a profit for the first time in 16 years.
He said the company cannot rest on its laurels and much more needs to be done to take the company out of the woods and put firmly on sustainable ground.
"Our growth strategy is underway and is being executed in an extremely competitive environment and a continually changing aviation scenario. The main challenge for Air Malta is on how fast it can adapt successfully to change, he said.
He said that in the last two years a number of long established airlines went into administration, largely as a result of pressures on fare price while costs were on the rise. "This reality is being and will continue to be faced by Air Malta in foreseeable and more distant future," he said.
from The Malta Independent https://ift.tt/2Flhgub
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