Gulf Air has announced a return to profit with its best financial performance since 1997. Despite a BD30 million (USD80 million) cost to the business through fuel price rises during the year, Gulf Air recorded a profit of BD1.5 million (USD4.0 million) in the calendar year to December 2004, on revenues up 23.8 per cent to BD476.3 million (USD1.26 billion) (2003: BD 384.6 million / USD1,020.2 million).
The results mean Gulf Air, the national airline of the Kingdom of Bahrain, the Emirate of Abu Dhabi and the Sultanate of Oman, has out-performed the targets set under Project Falcon, the three-year restructuring plan approved by the Board in December 2002.
James Hogan, the airline’s President and Chief Executive said:“Despite an exceptionally difficult operating environment, in which fuel prices meant a USD80 million over-budget cost to the business, we are proud to report the best financial results at Gulf Air since 1997.
“Our strategy of increasing passenger numbers and revenues through world-class product and service delivery, coupled with tight cost control management, has changed the Gulf Air business beyond all recognition.
“We now have a business built on sustainable foundations which can compete with - and win against - the very best in the world.”
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