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The national airline is expecting to register an operating loss in the financial year ending March 2019. The airline’s board of directors is forecasting another loss-making year despite continued efforts to increase revenue and lower costs, according to thAir Malta forecasts loss in 2019
The national airline is expecting to register an operating loss in the financial year ending March 2019. The airline’s board of directors is forecasting another loss-making year despite continued efforts to increase revenue and lower costs, according to the full financial statements for year ending March 2018 deposited last week with the registry of companies. The airline recently declared a profit of nearly €1.2 million. This represents the operating profit before restructuring costs and non-recurring items. Tourism Minister Konrad Mizzi, whose portfolio includes Air Malta, touted this as a “success story” coming after nearly two decades of yearly losses. He did not give the financial statements to the press. The figures just published, however, show that were it not for a nearly €34 million in revenue from the disposal of landing rights in 2018, the airline would have registered a loss of €17 million (after restructuring costs and non-recurring items). This would have been larger than the loss recorded in the previous year, which had reached nearly €14 million. Citing the most recent data available to the company up until its AGM held last month, the airline said it “will most... Read more