Its good news for Air Malta as the firm has returned to profitability, for the first time in almost two decades. The airline released its Annual Report and Consolidated Financial Statements for the year ending March 2018 over the last few days. The report shows the carrier managed to achieve an operating profit of €1.2 million, compared to a loss of €10.8 million last year. Its total profit for the year amounted to €15.7million, including the revenue generated from selling some landing slots.
During 2018 the airline carried some 1.7 million passengers, up 8.5% from the previous year, with load factors also up, to 77.6%. The positive results were credited to better productivity among staff, renovated rates with suppliers, increased fleet utilisation and better IT systems.
The news was welcomed by the Minister for Tourism Konrad Mizzi who said the profit showed perseverance, determination and commitment. The Minster also congratulated the airline on starting 21 new routes.
Paul Sies, Air Malta’s Chief Commercial Officer said "During this financial year we increased capacity by 20%, achieving a growth of 11% more passengers. The new routes generated a +€12 million increase in revenue.".
Air Malta has a fleet of ten aircraft made up of A319 and A320s, manufactured by Airbus seating between 141 and 180 people
