MANAMA: With improved cost controls and operating efficiencies, Gulf Air swung into the black by reporting a net profit for the year after impairments and government grants of BD15.8 million in 2014, compared to a net loss of BD12 million in 2013.
The profitability was attributed to Gulf Air continues to reduce its operating losses as a result of its restructuring initiatives.
According to Bahrain’s sovereign fund, Mumtalakat, Gulf Air reported revenues of BD 349.4 million for the year, an increase of 14% (2013: BD 307.2 million), as a result of increased passenger volumes and yields on routes.