Bahrain’s Gulf Air has reported losses amounting to BD24.1m ($63m) for the full year of 2015. The losses were understood to be 62 per cent lower compared with that reported a year earlier.

The reduction in annual losses and debt is a direct result of the airline’s restructuring strategy, launched in 2012 when annual losses stood at a high of BD196m.

The significant debt reduction will enable the airline "to further invest in the airline’s ongoing growth and development", Gulf Air CEO Maher Salman al-Musallam said in a statement.

Gulf Air has converted its 2008 order with France’s Airbus and the US’ Boeing to 16 wide-body, two-aisle Boeing 787-9 Dreamliners and 29 narrow-body, single-aisle Airbus A320 and A321neos (new engine option) in January.

The order is valued at an estimated $7.6bn, with the first deliveries due to start by the second quarter of 2018.

The aircraft on order will help Gulf Air widen its global network and increase connectivity from Bahrain International airport (BIA), Al-Musallam said.

The airline is currently seeking consultancies for its planned purchase of A320neo aircraft.

In April, it also received bids for inflight connectivity services and entertainment service for its new air fleet.