21-Jun-2010 12:30 PM

Gulf Air losses increase 21% in 2009 to USD503m

Gulf Air's losses reportedly increased 21% to USD502.9 million in 2009, according to 100% owner, Mumtalakat Holding (business24-7/Reuters, 21-Jun-2010). Mumtalakat Holding's net losses more than doubled in FY2009, due to increased losses at porfolio companies, including Gulf Air and Aluminium Bahrain. Mumtalakat Holding in Feb-2010 stated it would transfer ownership of the loss-making carrier to the Bahraini Government, commenting that the company was not attractive enough as an investment, although no further developments have reportedly been made.