Air Malta reports first first half operating profit since 2008 in 1HFY2013

Air Malta reported (19-Oct-2012) a EUR400,000 operating profit for the six months ended 30-Sep-2012, compared to a loss of EUR8.0 million in the previous corresponding period, and the carrier's first operating profit for the period since 2008. The operating profit is also EUR1.4 million ahead of the carrier's budget. The carrier attributes the positive result to increased revenue and lower costs, including fuel costs. Passenger and cargo revenue were the main growth factors contributing to an increase of EUR2 million in revenue, which was also ahead of its budget by EUR4.7 million. Despite a 10% reduction in seat capacity, Air Malta reported a 4.5% decline in passenger numbers to 1.05 million during the period, increasing passenger load factor by 2.0 ppts to 79%. Fuel costs declined by EUR3.2 million while labour costs fell by EUR2.2 million. [more - original PR]