Smooth sailing for Gulf airline hit by market turbulence
The kingdom’s private carrier Bahrain Air has returned to profitability in June and July, the airline’s chief announced. CEO Richard Nuttall, said: “We are very pleased with the results. Summer is traditionally the strongest season for all airlines, but given the turbulence in many of the traditional summer destinations, this result is a major achievement.
“This performance has enabled us to become fully current with all our government and quasi government service providers in Bahrain and abroad since March 2012. We are currently putting every effort to reach an agreement with our creditors for the restructuring of our debts that accumulated as a result of the unfortunate events that took place in Bahrain and the region.
“We are optimistic of our ability to improve our performance further in the coming months in the hope of continued stable economic, security and political conditions and receiving the required co-operation and support to our commercial operations from the concerned authorities.”
Bahrain Air achieved an increase of 67 per cent in revenue during June and July while increasing seat factor by 27 per cent compared to the same period last year.
“These results demonstrate an underlying strength and resilience in our business model and are a credit to the whole Bahrain Air team. There will be a slight downturn in the performance for August due to Ramadan, but after that we expect the rest of the year to be strong,” Mr Nuttall added.