Gulf Air sells two A340s to Apollo Aviation Group; aims for 2012 profitability
Gulf Air sold two A340-300s to an affiliate of US-based Apollo Aviation Group, as part of efforts to realign its fleet to a new strategy focusing on regional routes (Arabian Business/Arabian Supply Chain/Gulf News, 24-Jan-2010). Gulf Air stated the two aircraft are 16 years old and are no longer in service. While no financial details of the transaction were disclosed, Gulf Air, which has pledged to become profitable by 2012, stated it would save USD25 million in investments required to return the two aircraft into service.
Gulf Air: “At 16 years of age, these A340-300s were the two oldest aircraft in Gulf Air's fleet and had been previously withdrawn from service. Gulf Air's decision to sell these aircraft has relieved the company of the impending requirement to invest USD 25 million in order for the aircraft to continue in service. These capital expenditures were not in line with the company's fleet realignment strategy,” Company Statement. Source: Gulf News, 24-Jan-2010.