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Gulf Air meets predictions

Gulf Air's head honcho confirms 2003 loss in line with predictions and predicts breakeven next year.

Gulf Air has confirmed that its net loss for 2003 was BD20 million, down from BD40 million the previous year and in line with earlier predictions. The airline’s CEO, James Hogan, said that the carrier is still on track to break even in 2004 and post a profit in 2005.

Revenue for 2003 reached DB397 million, an increase of 11% year on year, and passenger numbers crossed the six million mark. Revenue of BD500 million and seven million passengers are predicted for 2004.

“This year will see the full impact of the initiatives rolled out as part of the three-year recovery programme,” said Hogan.

“We are coming back strong. Our debt-equity ratio is one of the best in the world and with Asia back in business, Gulf Air expects higher growth.”

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