COMPANIES Gulf Air on Monday announced a restructuring plan intended to stem losses of more than $1m a day and to lead to a return it to profitability by 2012. The troubled Bahraini airline is expected to post an operating loss of about $510m this year, equivalent to 28 per cent of the country’s budget deficit, airline executives said.
“We have two choices for Gulf Air – either we close down this company, or we turn it around. There was no third choice,” said Talal al-Zain, chief executive of Mumtalakat, a government holding company which owns Gulf Air.
