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Air Malta’s operating loss for third quarter at €4.8 million
National airline halves its operating loss, airline’s revenue reaches €47.7 million.
25 January 2013, 12:00am
Staff Reporter
Staff Reporter
2 min read
Air Malta halves operating loss.
According to Air Malta's financial results for the third quarter, the operating loss has been reduced to €4.8 million from the €9.8 million registered during the same period in 2011.
The net result position after restructuring costs - mostly one-time charges - and interest costs is a loss of €8.5 million as anticipated in the Restructuring Plan approved by the Commission.
"These results confirm a 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," Air Malta said.
"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 operating loss in the current financial year."
Air Malta said the positive interim results were driven by constant improvements of the airline's revenue (+9.7% to €47.7million), passengers numbers (+3.5% to 377,951 passengers) and seat load factor (+1.0% to 75.1%).
CEO Peter Davies said that despite it being a lean period of the year, results 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," Davies said.
He added that a stronger financial platform allowed the company to enter into its second phase of development which includes a significant overhaul of business processes in the Finance, Cabin and Ground Services divisions.
"This is aimed at developing a more customer- centric 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," Davies said.
"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."
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Peter Davies jghid li kollox ilellex u miexi skond il- pjan fuq l- airmalta meta jitkellem mall media izda meta jitkellem fl- ufficju mal haddiema u waqt laqat mar rapprezentanti tal haddiema jghid mod iehor, fosthom li hemm cash flow problem u ser ikun hemm problemi serji biex jithallsu il pagi jekk l affarjiet jibqghu sejrin hekk!!! Hareg mgharuf ukoll li il- pjan biex tigi ristrutturata l- airmalta ma kienx ta success daqs kemm kien mixtieq u hemm lest pjan iehor ghall wara l- elezzjoni biex jigi ipprezentat lill gvern li jitla. Hadd ma jaf x` fieh dan il-pjan!!
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If Air Malta is really on the way to recovery, everybody knows that this cannot come overnight. Only let's hope that this is true. As for Skocciz's comments on Guze Abela's son, there's no comparison. Guze Abela was a firebrand, and his son is just a political plasticine moulded according to circumstances of the day.
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so after getting rid of around 300 employees air malta still lost 8.9 million in the last 9 months.
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AirMalta is now close to be operating as all government entities (except MDDC) were running under Minister Guze Abela in the 1970s under Labour, with all making a healthy profit which led to consistent surpluses in the national budget and not chronic deficits as we have experienced for the last TWENTY FIVE years under the PN.
Pity his son crossed party, as Guze Abela was monumental where it concerned public finance.
