Gulf Air cuts annual losses by 52%

Bahrain’s national carrier Gulf Air said on Tuesday that its annual losses fell by 52 per cent in 2013 as it neared the end of a five-year restructuring.

Gulf Air, which has cut routes and staff, said its losses fell by more than 100 million dinars ($265.25m) resulting in its strongest earnings in eight years. The airline did not give the actual profit or revenue figures in its statement. The losses were reduced by retiring aircraft, closing eight routes, reducing staff expenses and renegotiating over 2,000 contracts with suppliers, it said.

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