MANAMA - Gulf Air’s announce its “on-track towards achieving its annual restructuring targets”, after releasing the third quarter figures.

The Manama based airline cited a strong summer, optimized capacity management and cost efficiencies from the restructuring, “24 percent better than forecasted for July, August and September.”

It continued the overall year-on-year reduction in the airline’s losses of over 50 percent.

The restructuring plan is led by Gulf Air’s board of directors, chaired by Sheikh Khalid bin Abdulla Al Khalifa, the deputy prime minister,  managed by the airline’s executive restructuring committee headed by Kamal bin Ahmed Mohammed, minister of transport and airline’s management team, is now in its nine months implementation.

Sheikh Khalid bin Abdulla, commenting on the third quarter results following a meeting of the airline’s board of directors “Gulf Air’s restructuring continues to gain momentum,” the airline’s Chairman H.E. 

“The results speak for themselves, the airline is now in a much stronger position than it was a year ago and remains on-track towards achieving the financial and operational goals of the restructuring strategy. As Gulf Air continues to deliver solid results, the national carrier is being positioned for its emergence from the restructuring process and, ultimately, for its long-term success.”

Since launching the restructuring plan in December 2012, Gulf Air has realignment its network with a focus on the core routes. 

In the third quarter Gulf Air announced an increase in its flights to Dubai, Kuwait and four other cities in Pakistan. 

While it is in negotiations to return some of its aircraft, without disclosing the type under review

Year-on-year the airline reduced its expenses by close to 30 percent by implementing operational and maintenance costs reductions and manpower redundancies of 27 percent of the total. 

Kamal bin Ahmed Mohammed, added: “Gulf Air has successfully delivered against its restructuring goals for a third successive quarter and I would like to thank the airline’s employees whose hard work made this possible. 

“Our national carrier’s financial trajectory has improved dramatically and the positive impact of the airline’s operational results can be seen by its customers. A strong foundation for the future has been set. Looking forward, continued product improvement and network strengthening combined with cost efficiencies realised from the restructuring, will ensure that Gulf Air continues to further build on the progress already made.”