Gulf Air: Cost cut by USD18m over first five months of 2012

Gulf Air announced (09-Jul-2012) it has made significant achievements across its business operations, reporting BHD25.5 million (USD67.6 million) in overall in cost savings in 2011, on the back of a revenue generation of BHD405 million (USD1074 million). The carrier also reported introduction of new A320 equipment also helped it to achieve a total fuel savings equivalent to BHD1.4 million (USD3.7 million). Gulf Air also reported its achieved savings of BHD6.8 million (USD18 million) over the first five months of 2012. The airline stated it aggressive cost-saving plans and measures, started in 2010 following its new business strategy, have yielded positive results in terms of cost-control, cost-efficiency, expenditure reduction and manpower optimisation. Gulf Air said it is targeting a further 15% reduction in its cost base for the full year. It estimates 'insourcing' of its fleet technical management services will yield savings of BHD5.4 million (USD14.3 million) p/a. [more - original PR]