Air Malta announced its financial figures for its 1st Quarter (April-June 2012). The airline said it has reduced losses by €4 million when compared to the same period last year, and is on target with its budget and the financial projections contained in the Restructuring Plan presented to the European Commission.

During Quarter one Air Malta registered an operating loss of €6.1 million, €1.2 million lower than budget and €3.9 million lower than the corresponding period last year. The airline has registered an increased turnover on budget of €2.1 million.

During this period, the airline carried 472,000 passengers and increased its passenger load factor by 2.6 per cent to 75 per cent.

Peter Davies, Chief Executive of Air Malta said, “Air Malta is particularly pleased with these results as they continue to show that we are on track with the Restructuring Plan. We are cautiously optimistic that we will be able to maintain this momentum and achieve our planned results at the end of this financial year. This we can achieve, despite some setbacks, which we need to manage, that include the OLT Express aircraft lease termination. We are working hard on a number of options to lease out this aircraft together with our cockpit crew as soon as possible to minimise the financial impact of this termination of lease.”