Fitch Ratings: Gov't Aids to Gulf Air Reached BHD555 Million since 2012
2020-06-27 - 8:07 am
Bahrain Mirror: Fitch Ratings said that that the Bahraini government transferred financial aids to the Gulf Air amounting to BHD20 million in 2019 (about 45% of GA's operating losses in 2019), following BHD30 million received in 2017 and BHD30 million received in 2018 to support GA's repayment of liabilities, working capital and capex.
Adding the sizeable past capital injections made by the government, total support to GA amounted to BHD555 million since 2012.We expect that the government will continue to provide direct coverage of GA's losses, as required.
GA's losses from operations narrowed to BHD44.7 million in 2019 from BHD89.7 million in 2018.