Air Malta reports better than expect operating loss of EUR6.1m in 1QFY2013

Air Malta CEO Peter Davies stated the carrier is "particularly pleased" with financial results for the three months ended 30-Jun-2012 as operating losses were EUR1.2 million lower than expected and EUR3.9 million lower than the previous corresponding period. According to a Malta Today report, the carrier also reported a EUR2.1 million increase in revenue from its budget. During the quarter, the carrier transported 472,000 passengers with load factor averaging 75%, up 2.6 ppts. The carrier stated it is on target with its budget and the financial projections contained in the Restructuring Plan presented to the European Commission earlier this month.

Air Malta: "We are cautiously optimistic that we will be able to maintain this momentum and achieve our planned results at the end of this financial year. This we can achieve, despite some setbacks which we need to manage that include the OLT Express aircraft lease termination. We are working hard on a number of options to lease out this aircraft together with our cockpit crew as soon as possible to minimise the financial impact of this termination of lease," Peter Davies, CEO. Source: Malta Today, 22-Aug-2012.