KM Malta Airlines buys more time to announce first financial results

Malta’s fledgling national carrier, KM Malta Airlines, has secured a delay in publishing its first audited financial results, postponing what will be the first public indication of whether the state’s multi-million-euro investment is bearing fruit.

The concession, granted by the Malta Tax and Customs Administration, allows the airline to file its accounts for the year ending March 2025 within the first quarter of 2026, rather than by the original October 2025 deadline. The department falls under the Finance Ministry, which oversees the airline.

Speaking in Parliament, Finance Minister Clyde Caruana explained that the extension was necessary because KM Malta must report on a period longer than 12 months, having been incorporated in November 2023.

“The company has been given additional time to complete a more comprehensive version of its financial results,” he said.

KM Malta, which took over from the bankrupt Air Malta in a state-funded exercise costing taxpayers approximately €400 million, commenced operations in March 2024. The airline operates a fleet of eight Airbus A320S and employs a much smaller workforce than its predecessor.

To date, the company has not publicly commented on its financial performance.

The Shift reported that the airline incurred significant losses in its early months, although lower than those recorded by Air Malta.

The government has yet to release the business plan submitted to and approved by the European Commission, which envisages KM Malta becoming profitable within five years.

In contrast to Air Malta, the new carrier serves fewer routes, maintains a leaner organisational structure, and is designed to operate more efficiently.

David Curmi, 66, and the airline’s executive chairman, previously oversaw the closure of Air Malta after he failed to achieve his task of turning the airline’s finances around.

He retains the same remuneration package, earning €21,500 per month, or €260,000 annually.