Air Malta reported an operating profit of €1.2 million last year – the first time the carrier has been in the black for almost two decades.
The figure compares to a loss of €10.8 million in 2017.
When non-recurring items are taken into account (including the payment of the early retirement schemes and the gain on the disposal of landing rights), the airline registered a profit of €15.7 million.
During 2018 Air Malta’s operating revenue increased by €5.3 million to €197.5 million, mainly driven by an increase of 11 per cent in the number of passengers.
The airline welcomed 1.7 million guests last year.
Air Malta operated 14,126 flights last year, again up 8.5 per cent.
Air Malta chief financial officer, Omar Bonello, attributed the positive performance to better aircraft utilisation, the implementation of a new sales strategy and investments in IT technology.
Malta minister for tourism, Konrad Mizzi, noted the fact that the airline had registered a significant profit after 18 years -demonstrating a story of perseverance, determination and commitment.
He noted the positive achievements at Air Malta, such as the addition of 21 new routes, the increase in passenger numbers and revenue, and the increase in the number of planes in the fleet.