Gulf Air’s restructuring results in reduction of losses by 88%
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Recent statistic revealed by Gulf Air for its 2015 financial and operational results state a fall of almost BHD40 million in the airline’s annual losses from BHD62.7 m in 2014 to BHD24.1 m in 2015 – equivalent to a 62% reduction.
HE Shaikh Khalid bin Abdulla Al Khalifa, deputy Prime Minister and chairman of Gulf Air’s Board of Directors said: “The 2015 results delivered efforts of Gulf Air’s ongoing holistic business strategy, implemented since the airline’s 2013 restructuring. The airline’s losses in 2012 were BHD196 m and this has fallen, by 2015, by 88%. With improved performance, increasingly positive financial trajectory and consistently falling losses, Gulf Air’s positive 2015 developments are visible across a broad spectrum of deliverables.”
Gulf Air’s chief executive officer, Maher Salman Al Musallam said: “We are further stabilising and strengthening the business in both short and long term. As we successfully eradicate legacy debts, the airline is further enabled to manage controlled future growth, with the capabilities to further invest in ongoing growth and development.”
The airline focussed on its performance turnaround and improving operational results. With an average annual on-time-performance of 89% in on-time-punctuality, while it successfully completed its biennial IATA Operational Safety Audit (IOSA), keeping the airline on the IOSA registry until May 2017.
On the network front, Gulf Air balanced its regional stronghold with strategic global links extending to 44 destinations by end of the year and this was further enhanced by the airline’s dynamic schedule adjustments across its network. The fleet underwent specific, targeted product enhancements that were completed by end of 2015 including retrofit of the airline’s A330 fleet.
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