“We are far from where we started and where we need to be,” Norman Aquilina, Farsons Group Chief Executive Officer, told the Malta Business Observer. While Maltese consumers are showing signs of “wanting to return to a semblance of normality”, caution needs to remain a key factor, he asserts.

“Whilst weekends see some activity in these areas, the weekdays are particularly challenging in the absence of any custom from tourism. In this respect, the opening of Malta International Airport in two phases, on the 1st and the 15th July, will be the next milestone and we need to better understand the extent to which we will be seeing a return of tourists to our islands,” Mr Aquilina explains.

“Only then can we really understand the full effect of any improvement, or otherwise, from the lifting of measures.”

Meanwhile, the extension of the Government incentives was welcome, and has helped to offset some of the business’ costs, Mr Aquilina said.

However, “the overall impact of COVID-19 on our business has been very significant, and nowhere comparable to the incentives available”. Additionally, the “lack of demand along with the sustainability of our operational costs, together with a lack of certainty on the future are all challenges which many businesses like ours will continue to face.”

The CEO stresses that “the challenge is not over yet” and this year will be crucial in determining the long-term implications of the pandemic.

“We need to remain vigilant, not only with respect to the virus along with its immediate implications on business in general, but also in the longer term as the impact of COVID-19 has been so significant on most businesses and will certainly result in lasting changes in how many businesses are structured and how they operate,” he asserted.

This is an extract of an article carried in the June edition of The Malta Business Observer