On the 30th of March 2024, the skies over Malta witnessed a poignant moment, the final flight of Air Malta, an airline that had faithfully served the Maltese nation and its people for half a century.
Air Malta, founded in 1974, had been a vital lifeline connecting the Mediterranean archipelago to the rest of the world. Its fleet of planes crisscrossed the skies, carrying passengers, dreams, and memories. For five decades, it was more than just an airline; it was woven into the fabric of Maltese life.
However, financial turbulence plagued the carrier, accumulating losses of €356 million by the end of the first quarter in 2023. Despite capital injections and internal funding, the airline remained in a negative equity position. The once-thriving workforce of nearly 1,400 dwindled to less than 400 employees.
Minister Clyde Caruana succinctly captured the struggle: “An Air Malta flight would lose money as soon as it hit the air, and lose another €4,000 by the time it landed.” The financial headwinds were relentless, and the airline needed a lifeline of its own.
Enter the phoenix rising from the ashes—the new national airline, KM Malta Airlines. With a leaner structure, it aims to soar where Air Malta faltered. The changes are significant: 17 routes instead of 37, eight planes instead of ten. But this time, profitability is the compass guiding the way.
Three brand-new Airbus A320NEOs, owned outright by the company, will grace the skies with primary focus on profitability. The revamped business model slashes wage costs, streamlines operations, and targets a long-sought-after profit margin.
The final flight, KM 103, departed from London Heathrow at 8:30 PM, touching down in Malta at 12:40 AM on Easter Sunday.