Gulf Air narrows losses to BHD24m
Bahrain-based carrier Gulf Air reported on Wednesday a net loss of 24.1 million Bahraini dinars (Dh234 million) for 2015, marking a 62 per cent improvement from the 62.7 million dinars of losses recorded in 2014.
Shaikh Khalid Al Khalifa, Bahrain’s Deputy Prime Minister and Chairman of Gulf Air’s board of directors, said the reduction of losses comes on the back of the airline’s restructuring strategy, which was implemented in 2013.
“The airline’s losses in 2012 were 196 million Bahraini dinars, and this has fallen [in] 2015 by 88 per cent — no mean feat,” he said.
Meanwhile, Maher Al Musallam, Gulf Air’s chief executive officer, said the company is further strengthening its business in the short and long terms, but expected the coming years to be challenging.
“As we successfully eradicate legacy debts, Gulf Air is further enabled to manage its controlled future growth, with the capabilities to further invest in the airline’s ongoing growth and development.
Today, our controlled future growth and expansion capabilities are considerable and being carefully planned by the airline’s management team and Board of Directors,” he said in a statement.
In 2015, Gulf Air focused on turnaround and improving operational results. On the network front, the airline extended its global link to 44 destinations by the end of the year.
Gulf Air’s fleet also underwent product enhancements that were completed by the end of 2015 including the retrofit of the airline’s A330 fleet.
In late January at the Bahrain International Air Show, Gulf Air said it would buy 40 Boeing and Airbus aircraft to fulfil its fleet requirements for the next 20 years and replace ageing aircraft. The new aircraft will be fitted with two classes: economy and business, and have the same layout as its existing fleet.
The order was a combination of new purchases and the restructuring of 2008 Boeing and Airbus orders.
