In a recent interview to an aviation magazine, Samer Majali, CEO of Gulf Air said that the airline will not be able to target to break even by 2012 and has ruled out further staff redundancies. ?We basically set a deadline of 2012 to create a dynamic, commercially sustainable business. However, due to recent events, leading to the loss of passengers in and out of Bahrain, meeting the financial targets will be a challenge,? he added.
?There will probably be a slight delay… We will probably allow for a three-to-six month delay in completing the [financial] strategy ? nothing too major. I assume the breakeven will hopefully be achieved in early 2013 or the middle of 2013,? he commented.
The impact of the global financial crisis and the outbreak of political unrest in the Gulf state, caused the carrier to suspend flights to Iran,Iraq and Lebanon and issue refunds when the Bahrain Formula One Grand Prix was also postponed.
As a result of the impact of the global financial crisis, which led to a downturn in the aviation sector, the carrier suffered financially and was in the process of a three-year restructuring plan, which was on course to see the breakeven by the end of next year.
Despite its financial troubles, Majali was confident he can turnaround the airlines fortunes and is planning to increase its fleet of aircraft and expand its route network.