As the first year of Gulf Air's three-year restructuring strategy draws to a close, President and Chief Executive, James Hogan disclosed that with the airline on track to meet its financial target and that the cost of living increase incorporated into the plan would be paid out again in February 2004.
In terms of the restructuring strategy unanimously approved by the board in December 2002, the airline is committed to reducing its losses to 20 million Bahraini dinars ($53 million) by the end of 2003, breakeven in 2004 and profitability in 2005.
In setting these targets, Gulf Air simultaneously committed to an incentive bonus scheme for staff that allows for the payment of one week's bonus on reaching the 2003 target, two weeks' bonus at break-even, and a month's salary when the airline attains profitability.
Gulf Air was founded in 1950. Today, it is owned by the governments of Bahrain, Oman and the United Arab Emirates (UAE). The airline's network extends from Western Europe to Asia and covers 45 cities in 33 countries. — (menareport.com)
© 2003 Mena Report (www.menareport.com )