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Tue 15 Sep 2015 01:38 PM

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Bahrain's Gulf Air says losses cut by 32% to $166m

National carrier says its financial trajectory remains 'on positive upswing' following 2013 restructuring

Bahrain's Gulf Air says losses cut by 32% to $166m

Bahrain's Gulf Air said on Tuesday that it had cut its losses by more than 32 percent to BD62.7 million ($166.2 million) in the past year.

The national carrier posted its 2014 financial and operational results, hailing them as its strongest in a decade.

The airline said it continued to "strategically shift from low-value transit traffic through Bahrain to high-yield, high-demand, point-to-point routes" focused largely on the MENA region.

In a statement, it added that it was better utilising its existing assets to push the business forward, resulting in a 15.4 percent rise in total revenue.

The statement said that since Gulf Air’s 2013 restructuring, the carrier’s financial trajectory remained "on a positive upswing reflected by its consistently falling losses".

Sheikh Khalid bin Abdulla Al Khalifa, deputy Prime Minister and chairman of Gulf Air, said: “Gulf Air’s 2014 performance reflects a steady and continued improvement in its financial and operational business with targeted efforts to maintaining the airline’s strategic direction that ultimately encouraged solid customer growth, enhanced global bookings and a resultant marked improvement in financial and operational results.” 

Gulf Air’s network in 2014 saw growth with flights launched to six destinations in Europe, the Indian Subcontinent and the Middle East.

Gulf Air's acting CEO, Maher Salman Al Musallam, said: “We are moving strategically forward, making changes to Bahrain’s national carrier that are not only positive in the short term but that form part of our greater long term strategy towards transforming the airline across many fronts... I am delighted with our progress to date.”

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