Air Malta, the country’s national airline, has recorded a loss of €30 million, a year after registering a profit for the first time in 18 years.

In March 2019, then Tourism Minister Konrad Mizzi announced with much fanfare that Air Malta registered a profitable year for the first time in 18 years, clocking an operational profit of €1.2 million.

“This is yet another success story for Malta. Under Konrad Mizzi’s leadership, the airline increased 21 new routes, added new planes to its fleet, and started a fleet replacement programme,” Mizzi’s communication head said at the time.

However, less than one year later, the Airline has reportedly registered a loss of close to €30 million. It seems structural changes are yet to be paying significant dividends.

MP Jason Azzopardi first revealed the information on Friday, meanwhile, MaltaToday has also confirmed the massive loss with sources.

The airline will publish its accounts for 2019 in March or April.

The loss seems a far cry away from Mizzi’s jubilant celebrations a year ago, with sources also telling MaltaToday that a drop in the number of flights in the Mediterranean and the increase in the price of oil as keep factors behind the loss.

Meanwhile, they also insisted that business plans for 2020 would make the airline liquid once again.

Following Prime Minister Robert Abela’s reshuffle in January, Air Malta was moved out of the Tourism Ministry and placed within the Economy Ministry, with Silvio Schembri at the helm.

The airline, it seems, will be his first real challenge of the year.