Air Malta operating loss halved in 3QFY2013
Air Malta reported the following financial highlights for three months ended 31-Dec-2012, according to Di-ve.com and Times of Malta reports:
- Revenue: EUR47.7 million, +9.7% year-on-year;
- Operating profit (loss): (EUR4.8 million), compared to a loss of EUR9.8 million in p-c-p;
- Net profit (loss): (EUR8.5 million), compared to a loss of EUR11.9 million in p-c-p;
- Passenger numbers: 377,951, +3.5%;
- Load factor: 75.1%, +1.0 ppt.
Air Malta: "Despite this being a lean period of the year these results continue to confirm that the airline is on its way to recovery. Each and every action we have taken over the past two years was aimed to increase revenue and reduce costs. We are substantially on track in our revenue targets but much more needs to be done to reduce supplier costs. Our stronger financial platform now allows the company to enter into its second phase of development which includes a significant overhaul of business processes in our Finance, Cabin and Ground Services divisions. This is aimed at developing a more customer-centric experience that will require the vital and responsible role of our employee unions as well as a change in management structure which will be announced next week," Peter Davies, CEO. Source: Di-ve.com, 25-Jan-2013.