25-Nov-2013 3:06 PM

Gulf Air on track to achieving annual restructuring targets

Gulf Air stated (23-Nov-2013) its 3Q2013 results "demonstrate that Bahrain’s national carrier is on-track towards achieving its annual restructuring targets". The carrier stated, "Benefiting from a strong summer, optimised capacity management and cost efficiencies from the restructuring, Gulf Air’s operating results were 24% better than predicted for July, August and September. This contributed to an overall year-on-year reduction in the airline’s losses of over 50%, keeping it firmly on-target to cut its annual losses". Gulf Air is now nine months into its restructuring plan that, in addition to reducing the national carrier’s annual losses, is aimed at strengthening its core network, improving products and services and creating a commercially sustainable airline. Gulf Air chairman H E Shaikh Khalid bin Abdulla Al Khalifa said, “Gulf Air’s restructuring continues to gain momentum...the airline is now in a much stronger position than it was a year ago and remains on-track towards achieving the financial and operational goals of the restructuring strategy. As Gulf Air continues to deliver solid results, the national carrier is being positioned for its emergence from the restructuring process and, ultimately, for its long-term success.” [more - original PR]

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