Air Malta halved operating loss in 3rd Quarter 2012
Air Malta has halved its operating loss and increased revenue, seat load factor and passenger figures in the 3rd Quarter of 2012, over the same period last year, Air Malta today announced.
The National Airline has reduced the operating loss for the quarter to €4.8 million (Q3 2011: €9.8 million loss). The net result position after restructuring costs (largely one-time charges) and interest costs result in a loss of €8.5 million (Q3 2011: €11.9 million 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 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 €47.7million), 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 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".
The Chairman concluded that Air Malta’s challenges are still significant but emphasized that Air Malta must succeed and achieve the targeted operating break-even figure in the next Financial Year.