Updated: Air Malta's fleet maximisation plan will save airline €41 million in 5 years

(Adds MHRA statement) Air Malta’s fleet maximisation plan will save the airline €41 million over the next five years, the company said today. It said this could be seen from workings that were presented to the Malta Hotels and Restaurants Association by Air Malta, which showed how its fleet renewal plan would save the airline €8.2 million per year while flying the same number of passengers. “Airplane utilisation is a key performance indicator in the industry. Since airplanes are expensive to lease, the more they are used, the higher the return. “It does not make sense to leave such expensive assets idle in winter for more than half of the time,” CEO Philip Micallef said.  “An annual saving of €8.2 million is the single most significant change that could help the airline break even. Many contracts have already been renegotiated, making this a key step of this important process,” he said. Competitors EasyJet and Ryanair flew each of their aircraft between 15 and 16 hours at peak, compared to Air Malta, which flew its aircraft for only 12 hours per day at peak in August. Air Malta’s new plan is to raise peak flight utilisation to 14 hours per day per aircraft, while continuing...