The Manager of the Mozambique Airlines Restructuring Project, Sérgio Matos, said today in Maputo that the company's debt is falling significantly and that the company is technically solvent.

"At the moment, after three months, the debt has been reduced by 61.6 million dollars. Up until May 29, 2023, the debt was reduced by 47.6 million dollars and, after that period, another 14.3 million dollars, as a result of the correct entries of transactions in accordance with international accounting standards, accounting practices and the accounting guidelines of the national treasury, further reducing the debt position. LAM is now technically solvent," revealed the Manager.

He announced that in order to maintain this trend of recovery, LAM will reduce fares by 30% on three routes from September 1st, namely Maputo-Lichinga-Maputo; Maputo-Nampula-Maputo; Maputo-Quelimane-Maputo. The company will also continue with the process to reintroduce the Maputo-Lisbon-Maputo intercontinental route; integration of a cargo ship to the tune of 15 million dollars for maintenance, crew training, among others.

He was speaking about the work carried out by Fly Modern Ark - the company contracted to restructure LAM - in May, June and July of this year. To date, LAM has transported around 191,000 passengers, which has made it possible to collect revenues of more than two billion meticais.

"With regard to the impact of the 30% reduction in fares on the six routes, our projection was for an increase of 20% for passengers and an increase of 10% in revenue. In this projection for the three months, we brought in 20%, 96 thousand for passengers and 1.1 billion meticais for revenue. And so far, we haven't closed the three months yet, but we already have a positive variation of 52% for passengers and 41% in revenue," he said, quoted by the Radio Mozambique.