Friday, April 19, 2013

Air Malta losses reached €25 million for the year ended on March 31, 2013

Tourism Minister K. Vella said at the opening of the AMITEX travel fair this evening that Air Malta's losses in the year which ended in March were €25 million - €10 million more than the operational losses revealed last week. He said the airline was not out of the woods yet and hard work still had to be done, although he was confident in the airline's future.

When questioned by reporters, outgoing chairman L. Farrugia was non-committal and said he still had to await the review of the new board. Mr Farrugia said the airline was half-way through its restructuring process. The airline had managed to make significant progress, reducing its spending and raising its revenue, he said, while the government had pumped €230 million in the company, including €128 million in share capital. (Source: timesofmalta.com, 18-Apr-2013)