Gulf Air posts a loss decrease of $22 million
Gulf Air posted a decreased loss of just under 41 million Bahraini dinars ($108 million) for the 2002 financial year, a reduction of BD 8.4 million ($22 million) in the initial loss predictions.
Traffic in premium classes on Gulf Air’s European routes during the first three months increased by 18 percent over the same period last year. Schedule changes contributed to the improved figure, as demonstrated in an immediate load increase from 55 to 75 percent on flights between Frankfurt, Paris and the Gulf following the introduction of daily flights.
Yield for the three-month period ending March 31, 2003, increased by an average of 7.8 per cent, mainly due to the implementation of stringent day-to-day management of capacity and network, which is possible using the advanced information technology systems in use at Gulf Air.
Another important factor reflected in the year’s improved performance figures is the 5.9% per cent reduction in the unit cost per passenger, which has been achieved by addressing the needs of market segments and implementing process efficiencies.
Gulf Air was founded in 1950. Today, it is owned by the governments of Bahrain, Oman and the United Arab Emirates (UAE) and is the only truly pan Gulf carrier in the region. The airline’s network stretches from Europe to Asia and covers 43 cities in 32 countries. The fleet is one of the most modern in the Middle East and comprises 30 aircraft. — (menareport.com)
© 2003 Mena Report (www.menareport.com)