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Gulf Air accomplishes its strategic restructuring

: Monday, September 01 - 2014 @ 09:24

In comments published by Bahrain News Agency, CEO of Bahrain’s Gulf Air, Maher bin Salman bin Jabur Al-Massallam said the company has successfully accomplished its strategic restructuring which began in 2013. Al-Massallam said the carrier’s H1 results would reflect “huge growth in terms of strong operational performance”. In May, Gulf Air announced a 52% reduction in annual losses and a financial performance that surpassed the airline’s restructuring target by BD14.5m ($38.4m). The carrier said losses have fallen by BD100m ($265m) with year-on-year cost savings of 28% achieved. Gulf Air added that its workforce had been cut by 27% as it announced what it called its strongest financial results for eight years. Al-Massallam told Bahrain News Agency that it would be difficult to comment on when the company would enter profitability, adding: “We’re committed to positive development aimed to curb losses to a large extent.”

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Monday, September 1- 2014 @ 9:24 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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