Air Malta has today presented its Annual Report and Consolidated Financial Statements for year ended March 2018 during which it reported an operating profit of €1.2 million (2017: Loss €10.8 million). 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 (2017: Loss €13.1 million).
These results were announced today during Air Malta’s Annual General Meeting. During the meeting the airline gave an overview of its financial figures for the year ended in March 2018 and an outlook for the coming year.
During the year under review Air Malta’s operating revenue increased by €5.3 million to €197.5 million mainly driven by 11 % more passengers
(2018: 1.7 million passengers, 2017: 1.5 million passengers), 8.5 % more flights (2018: 14,126, 2017: 13,024) and a 2.8 % improvement in seat load factor (2018: 77.6%, 2017: 74.8%). Total operating costs decreased by €6.5 million mainly attributed to a decrease in fuel, aircraft leases and maintenance costs.
During a press briefing announcing the results, Air Malta’s Chief Financial Officer, Omar Bonello attributed these positive performance to better aircraft utilisation, the implementation of a new sales strategy, the investments in IT technology, the signing of the all collective agreements aimed to give a strong base for increased productivity, flexibility and industrial peace stability, and the negotiation of more favourable terms with the airline’s suppliers.
Speaking at the briefing Minister for Tourism Konrad Mizzi noted the fact that the airline had registered a significant profit after 18 years demonstrating a story of perseverance, determination and commitment. He noted the positive achievements at Air Malta, such as the addition of 21 new routes, the increase in passenger numbers and revenue, and the increase in fleet. He congratulated all the team at Air Malta for their efforts whilst adding that this success is also attributed to all the employees working day to day at the airline.