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Wed 8 Jun 2016 03:50 PM

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Bahrain's Gulf Air says 2015 losses reduced to $63.9m

National carrier says annual losses fell by almost $106m as restructuring measures 'deliver fruits'

Bahrain's Gulf Air says 2015 losses reduced to $63.9m

Bahrain's Gulf Air announced on Wednesday that its annual losses in 2015 fell by almost BD40 million to BD24.1 million ($63.9 million).

Sheikh Khalid bin Abdulla Al Khalifa, chairman of Gulf Air, said in a statement that the airline losses had fallen from BD196 million in 2012 since when the company has been restructuring.

“I am delighted with these results. 2015 delivered the fruits of Gulf Air’s ongoing holistic business strategy, implemented since the airline’s 2013 restructuring," he said.

Gulf Air CEO Maher Salman Al Musallam added: “We are further stabilising and strengthening the business in both the short and long term and this has been achievable primarily through the continued dedication and ability of all members of the Gulf Air family.

"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.”

He said Gulf Air has focused on its performance turnaround and improving operational results, adding that with an average annual on-time-performance of 89 percent, the airline remains one of the global leaders for this measure.

On the network front, 2015 saw Gulf Air balance its regional stronghold with strategic global links extending to 44 destinations by the end of the year.

Al Musallam added: “While the coming years will be challenging, our noteworthy achievements to date have built a solid foundation for us to move forward.”

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