Oman Air gets $650m bailout

15 April 2009

Oman Air said it has received a $650m government bailout that will enable it to expand during the current difficult trading environment, MEED has reported. At an extraordinary general meeting on 12 April, the carrier revealed that Muscat has increased the company's working capital to RO300m ($780m) from its previous level of RO50m. The airline recorded a loss of RO42m in 2008 compared with a RO4m profit in 2007. Company officials blamed high fuel costs during the first half of the year, coupled with the cost of buying new aircraft.

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