Gulf Air recorded an average load factor of 73.5 percent in the third quarter of 2003, during which a record 1,811,232 passengers flew with the carrier. These figures translate into a 17.4 percent increase compared to the same period last year.
Passenger gross revenue for the year to date is up by 12.3 percent over 2002 and net losses are expected to come in on target, 50 percent down on last year at 20 million Bahraini dinars ($53 million).
“Although we are not even half way through our three-year turnaround strategy, the significant changes we have implemented to date have made a quantifiable difference to the commercial operation of the airline,” explained Vice President Finance at Gulf Air, Ahmed Al-Hammadi.
Beginning in July, the summer holiday season saw Gulf Air achieve a load factor of 72.2 percent with year on year revenue increases of 13.5 and 7.1 percent in passenger and cargo and mail growth respectively.
In August, 659,054 passengers flew on Gulf Air flights to the 45 destinations on its network. This was a record in the airline's 53-year existence, and represents an increase of 19.3 percent over the same period last year, with an average load factor of 78.2 percent. Strong growth in passenger traffic was matched by a 14.8 percent increase in cargo uplift.
Positive growth continued into September when a 19.7 percent improvement on last year's traffic figures was recorded, with cargo up by 12.6 percent.
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)
