Air Malta records operating profit

Air Malta has recorded an operating profit of €0.4 million in the first half year ending September 30. The results reflect an improvement of €8.4 million over the same period last year when the airline registered a loss of €8 million. The results are €1.4 million ahead of budget, the airline said. This is the first time in four years that an operational profit has been registered in this period. Both passenger and cargo revenue were the main growth factors contributing to an increase of €2 million over the corresponding period last year. Compared to the airline's budget, revenue has increased by €4.7 million. The airline noted that these results were achieved notwithstanding a 10 per cent reduction in seat capacity. During this period, Air Malta carried 1.05 million passengers, a slight reduction over the same period last year when it carried 1.1 million. The trend in improving the passenger seat factor continued with an increase of two percentage points to 79 per cent. Costs were also reduced during this period in various areas including a decrease in fuel (€3.2 million) and personnel (€2.2 million). Air Malta chief executive Peter Davies said: "These figures are the result of...