Air Malta is set to post €25 million loss in 2012

On the day the Government announced a new board for the national airline, Tourism Minister Karmenu Vella said Air Malta would be posting a €25 million loss for 2012 – “€10 million more than the impression given recently”. The new board will be chaired by a leading entrepreneur, Ray Fenech of Tumas Group, and will have another, Joe Gasan, as one its members. Last week CEO Peter Davies had said in an interview that the company would be posting an operating loss of €15 million for the year ending in March. This was compared to the €55 million projected operating loss in the adjusted budget of two years ago. Pressed by The Times on whether the Government was satisfied with the progress achieved so far in the restructuring of Air Malta, Minister Vella was non-committal. “I would like to correct the impression given that the company will be posting a loss of €15 million. That is only an operational loss and on top of that some €10 million have to be added, pushing up the annual loss to €25 million,” he said. Mr Vella yesterday inaugurated Amitex, the annual travel fair organised by Air Malta, where he publicly thanked outgoing chairman Louis Farrugia for his work towards the...