Gulf Air, Bahrain’s national carrier, has reported a decline of almost BD40 million ($105.37 million) in annual losses to BD24.1 million ($63.48 million) in 2015, a significant 62 per cent reduction from BD62.7 million  in 2014, BNA news agency reported.

Commenting on the airline’s record 2015 annual results, Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister and chairman of Gulf Air’s board of directors, said: "I am delighted with these results. 2015 delivered the fruits of Gulf Air’s ongoing holistic business strategy, implemented since the airline’s 2013 restructuring. The airline’s losses in 2012 were BD196 million and this has fallen, by 2015, by 88 per cent - no mean feat.

"With an improved performance, an increasingly positive financial trajectory for our national carrier and consistently falling losses, Gulf Air’s positive 2015 developments are visible across a broad spectrum of deliverables and could only have been realised with the support and direction ofour leadership, the airline’s board of directors, executive management team and global workforce."

On the airline’s 2015 progress, Gulf Air chief executive officer Maher Salman Al Musallam said: "We are further stabilising and strengthening the business in both the short and long term and this has been achievable primarily through the continued dedication and ability of all members of the Gulf Air family. As we successfully eradicate legacy debts, Gulf Air is further enabled to manage its controlled future growth, with the capabilities to further invest in the airline’s ongoing growth and development."

Throughout the year, Gulf Air focused on its performance turnaround and improving operational results. With an average annual on-time-performance of 89 per cent, the airline remains one of the global leaders in on-time-punctuality, while its commitment to operating to the highest global safety standards saw it successfully complete its biennial Iata Operational Safety Audit (IOSA), keeping the airline on the IOSA registry until May 2017.

On the network front, 2015 saw Gulf Air balance its regional stronghold with strategic global links extending to 44 destinations by the end of the year and this was further enhanced by the airline’s continuous, dynamic schedule adjustments across its network in response to passenger demand.

Strategically utilising its fleet capability to cater to the airline’s growing capacity and network requirements, Gulf Air’s fleet underwent specific, targeted product enhancements that were completed by the end of 2015 including the retrofit of the airline’s A330 fleet. Channelling its strong in-house technical expertise, Gulf Air also successfully completed a fully insourced C1 check on its Airbus A321 aircraft at the airline’s base maintenance facility.

Commenting on the airline’s goals for 2016 and beyond, Al Musallam said: "Today, our controlled future growth and expansion capabilities are considerable and being carefully planned by the airline’s management team and Board of Directors. In parallel, Gulf Air’s positive and controlled growth in the forthcoming year and beyond will proceed alongside continued investment to enhance every facet of the Gulf Air passenger experience ensuring that our national carrier continues to showcase and support our kingdom at home and abroad. While the coming years will be challenging, our noteworthy achievements to date have built a solid foundation for us to move forward."