Gulf Air halves first-half losses

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Middle Eastern carrier Gulf Air is claiming to have halved losses over the first six months of this year, although it has not disclosed any specific figures.

The Bahraini airline says the results, to the end of June, reflect "positive restructuring progress" and that its turnaround programme is "on track".

It says it slashed year-on-year costs by 26%, partly through a 25% cut in its workforce, and achieved "sound" revenues, adding that it increased second-quarter yields.

Gulf Air was 15% ahead of its financial target over the first half, it adds. It says it expects to "realise additional improvements" by cutting extra operating costs, renegotiating supply contracts and refining its network.

It has reduced its fleet to 26 aircraft and is retrofitting four Airbus A330s with new interiors by summer 2014.