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FINANCIAL NEWS
Bahrain’s Gulf Air slashes 15% of workforce since Jan
27 Feb 2013
(MENAFN) Bahrain’s Gulf Air announced that since the start of the year, it has discharged 15 percent of its workforce as part of its restructuring plan, reported Arabian Business.
The Kingdom’s national airline added that it has also canceled 4 routes, as they didn’t generate any profit, noting that the two moves had helped cut costs by more than 34 percent, until now.
Last month, the carrier’s passenger revenue rose by 9.6 percent against its budgeted revenue, while yields grew by more than 8 percent.
It noted that by the end of the current year, the restructuring plan will be able to achieve its 24-percent cost-savings target, if the carrier maintains its current progress.
It is worth noting that in 2012, Gulf Air cut its services to Copenhagen and Rome, and plans to cut services to Kathmandu, Dhaka and Colombo in 2013.
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