Gulf Air Reports ‘Record Performance’

MANAMA, 3 November 2003 — Indebted airline Gulf Air reported yesterday a “record performance” in the third quarter of 2003 that should enable a target of slashing net losses in half to be met this year. In an upbeat statement, the company co-owned by the governments of Bahrain, Oman and Abu Dhabi said third-quarter results “show a strong turnaround in the airlines fortunes as the three-year strategic plan takes effect.” “A record 1,811,232 passengers flew on Gulf Air flights, which operated with an average load factor of 73.5 percent. This is 17.4 percent up on figures for the same period last year,” it said. “Passenger gross revenue for the year to date is up by 12.3 percent over 2002,” it said, but did not give revenue figures.