Restructuring Air Malta cuts first quarter losses

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Air Malta halved its operating losses during the first quarter of its financial year to €3.3 million, lifted by revenues up nearly 10% to €62.4 million.

Restructuring costs dragged it to a €4.9 million net loss for the three months ending June 2013, though this more than halved the loss for the same period last year.

Passenger numbers over the first quarter grew 6% to just under 500,000.

"These results continue to confirm that Air Malta is on its way to recovery," says Air Malta chief executive Peter Davies.

We are on track with our revenue targets but much more needs to be done to reduce costs. We need and can do more," he says, adding the airline now needs to push forward on the second phase of development. "[This] includes a significant overhaul of business processes in our back office, cabin and ground services divisions.

"Our challenges are still significant and this year we have a tough challenge to achieve the financial breakeven milestone," adds Davies.