Gulf Air year-on-year losses cut by 50%

Dubai: Gulf Air, Bahrain’s national carrier, has cut its year-on-year losses by more than 50 per cent, the airline stated in a statement on Sunday.

The cut in year-on-year losses comes as the airline benefited from a strong summer and improved cost efficiency driven by its restructuring plan.

Gulf Air started its restructuring plan in December last year after falling into financial difficulty. It has since cut its workforce by 27 per cent. Year-on-year expenses have reduced by nearly 30 per cent, largely driven through operational and maintenances costs and the workforce reduction.

During the summer period, Gulf Air achieved its best-ever third quarter performance with an on-time punctuality rate of above 90 per cent.

Over the third quarter, Gulf Air announced an increase in flights to Dubai and Kuwait, and to four cities in Pakistan, which is part of the airline’s focus on strengthening core routes under the restructuring plan.

Kamal Bin Ahmad Mohammad, Bahrain’s Minister of Transport and Chairman of Gulf Air’s Executive Restructuring Committee, stated the national carrier’s financial trajectory has improved dramatically and the positive impact of the airline’s operational results can be seen by its customers.