Air Malta's results for the first half of the current financial year show the airline is on track to regaining profitability, with the company projecting a loss of just €4 million by March 2016.

This was announced during Air Malta's Annual General Meeting today reporting the audited financials for the year ending March 2015, which, as projected, showed a loss of €16.4 million.

– As projected in last year's AGM, loss for year ending March 2015 confirmed at €16 million

– This year's Air Malta projected loss reduced to €4 million: Down from €16 million in 2015 and from €78 million when the airline entered the restructuring plan in 2012

– Focus shifts to competitiveness: growth, workers productivity and strategic alliance

Audited accounts year ending March 2015

Air Malta's audited financials presented at the AGM for the year ending March 2015, showed a loss of €16.4 million.

"This despite, the closure of the Libya route and the drop in the number of passengers from Russia, which contributed to a loss of circa €10 million, increased competition in summer 2014 and an airline with a virtually depleted management structure," said Chairperson Ms Maria Micallef.

The results of Financial Year ending March 2015 were also achieved thanks to the renegotiation of the catering contract, which gave savings of more than €4 million annually, and the sale of Selmun Palace Hotel Company Ltd.

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