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Sun 19 Aug 2012 11:51 AM

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Bahrain Air sees return to profit in June, July

Airline CEO says keen to reach agreement with creditors for restructuring of debt

Bahrain Air sees return to profit in June, July
Bahrain Air

Bahrain Air has said it returned to profitability in June and July on the back of rising revenues, adding that it is working to reach a deal with its creditors.

The private carrier said in a statement that it posted a 67 percent increase in revenue during the past two months compared with the same period last year.

Seat factor also increased by 27 percent, the carrier said.

"We are very pleased with the results," said chief executive Richard Nuttall. "Summer is traditionally the strongest season for all airlines, but given the turbulence in many of the traditional summer destinations, this result is a major achievement."

He added: "We are currently putting every effort to reach an agreement with our creditors for the restructuring of our debts that accumulated as a result of the unfortunate events that took place in Bahrain and the region.

"We are optimistic of our ability to improve our performance further in the coming months in the hope of continued stable economic, security and political conditions and receiving the required co-operation and support to our commercial operations from the authorities concerned," he added.

The airline said it is expecting a "slight downturn" in the performance for August due to Ramadan, but added that the rest of the year is set to be strong.

"We are also looking at cautious expansion in the coming months in a manner that will allow us to further improve our network and results," he said.

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