Gulf Air has announced it has cut its losses for the first half of the financial year by "more than 30%," compared to the same period last year. It also reported an increase in revenue of 10% compared to the first half of 2013, mainly through improved load factors and increasing levels of connecting traffic.
The Bahrain-based carrier does not normally divulge financial performance as it is a state-owned airline.
Shaikh Khalid bin Abdulla Al Khalifa, Bahrain's deputy prime minister and Gulf Air chairman, said:
“The first two quarters of 2014 have been critical in the national carrier's recent, post-restructuring development. These positive half-year results show that Gulf Air is continuing on a positive trajectory to become an efficient, commercially sustainable business and an integral part of the Kingdom of Bahrain's local economy."
The company's major restructuring program has seen it concentrate on high-demand, high-yield, regional point-to-point routes primarily aimed at the business community.
The airline's management team has begun discussions in the past few months with several national aviation regulators to request additional frequencies on existing routes.
The carrier's acting CEO Maher Salman Al Musallam added: "The initial benefits from the national carrier's strategic restructuring were evident in our positive 2013 results and these have translated to significant loss reduction and revenue generation during the first half of 2014. Encouraging summer season bookings confirm the positive trend."
Gulf Air reports reduced losses in H1 2014
