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FINANCIAL NEWS
Bahrain Air back to profitability in June, July
20 Aug 2012
(MENAFN) Struggling Bahrain Air has returned to profitability in June and July as revenues grew higher, and is planning to reach a deal with its creditors, Arabian Business reported.
Bahrain’s No.2 airline said its revenues grew by 67 percent in the last two months compared with the same period a year earlier. Seat factor grew 27 percent, the carrier added.
CEO Richard Nuttal said the carrier is working on reaching an agreement with creditors to restructure its debts, which piled up due to last year’s political unrest.
He added that the airline is carefully looking into expansion options in the coming months to improve its network and achieve further positive results.
The airline said it is expecting a “slight downturn” in the performance for August due to Ramadan, but was positive about the rest of the year’s performance outlook.
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