Update 2 - Air Malta halves its losses, eyes post-restructuring scenario

Updated - Adds comments by CEO - Air Malta said today that it halved its losses during the financial year which ended at the end of March 2014 and it expects to maintain its position for the year ending March 2015, despite several setbacks such as the closure of the Libyan routes and increased competition in the peak summer months. Audited figures announced during today’s Air Malta Annual General Meeting showed that the airline posted a loss of €16 million for the year, compared to €31 million in the previous year. "The numbers show that Air Malta is moving in the right direction according to its Restructuring Plan, although it did not manage to reach the more ambitious annual targets of a €15 million loss in 2013 and a profit in 2014," the airline said. Chairwoman Maria Micallef said the closure of the Libyan routes had cost the airline around €1 million per month - including the loss of incremental revenue from transit business - and a 20% increase in seat capacity of other airlines in the peak months. Ms Micallef highlighted the importance of pkanning the long term strategy of Air Malta, beyond the restructuring plan. “In the longer term, it is clear that the realities of the...