Thursday, December 7, 2017

Air Malta presents its Annual Report and Consolidated Financial Statements for year ended on March 31st

Air Malta presented its Annual Report and Consolidated Financial Statements for year ended on Mar. 31st, 2017, during which the operations of the airline company reported a loss of €13.1m.

During the year under review the airline experienced a decrease of €28.3m in revenue when total revenue amounted to €192.2m compared to €220.5m a year before, mainly driven by a capacity reduction of 20%.


The airline's operational costs decreased by €20.6m. The decrease in operating costs was driven by lower aircraft leases, fuel costs and related maintenance expenses, efficiency gains and savings on a number of contracts and administration expenses.

However, the former fuel hedging contracts were in place for much longer than those of competitors. The airline was not in a position to benefit from lower fuel prices in the reported financial year commented Air Malta's CFO, K. Gossler during a press briefing announcing the results.


Over the last few months, the airline has been focusing on a revenue growth strategy including a review of its route network; a strategy which the airline embarked upon soon after the appointment of the new Board chaired by Dr C. Mangion in July this year.

The Board approved a new three-year Business Plan starting as of April which is projected to see break-even by March 2018. (Source: independent.com.mt, 7-Dec-2017)