Manufacturing Industry
Gulf Air warns of profit pressure from high fuel prices
Airline Industry Information, August 31, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
The chief executive of Gulf Air has warned that rising jet fuel prices have had a serious effect on the airline's profits.
James Hogan said that although the airline still expected to make a profit it was surprised by the volatile nature of oil prices which rose to nearly USD49 in August 2004.
Gulf Air has now signed a USD65m loan deal with Standard Chartered Bank to help restructure the airline over the next three years. The major changes planned concern its fleet, IT infrastructure and its product and services portfolio, reports The Associated Press.
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