Gulf Air forecasts $1bn loss

05 August 2008

Bahrain-based carrier Gulf Air has forecast a $1bn loss spread across two years according to a leaked internal memo, The National has reported. The airline will sustain losses of BD131.7m this year, followed by BD226.3m next year. The losses are expected to gradually subside over the next six years, down to BD22.6m in 2013. Gulf Air acknowledged the authenticity of the memo but played down its importance.

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