Subscribe Free
in Business & Finance

Oman Air releases annual report showing worst loss since returning to long-haul

Posted 26 April 2017 · Add Comment

Oman Air has revealed in its annual report an operating loss of 80% to RO120 million ($312 million) last year, and a net loss of almost RO130 million.

The airline had been making a steady increase net profit up to 2007 but in the same year the Omani government changed its air transport strategy by withdrawing from multinational Middle Eastern carrier Gulf Air to focus on developing Oman Air.

This involved taking it under state control, and out of private ownership, in order to place the airline as a long-haul operator and modernise its fleet with Airbus A330s, and acquiring Boeing 787s.

But the airline has been unable to reverse its poor financial performance, and its 2016 net loss is the worst it has witnessed.

The company's 2016 annual report puts accumulated losses at RO817 million and states that, at the end of last year, its liabilities exceeded its current assets by RO192 million.

Chief executive Paul Gregorowitsch said: “ "We didn't reach our targets for 2016 but we have ambitious plans for the current year.”

He added net yield for the airline fell by 17% over the network owing to a number of external factors. He said: "Enhancing our fleet and network is the way to continue to stimulate demand and…stand out in an increasingly-crowded market place.”

* required field

Post a comment

Other Stories
Advertisement
Latest News

Gulf Airís on time punctuality garners top ranking in 2017

Gulf Air has been independently ranked by UK aviation analysts OAG the third most punctual airline in 2017, amongst Middle East and African airlines, with an average on-time performance (OTP) of 80.22%.

Aircraft Interiors Middle East and MRO Middle East opens today

The Aircraft Interiors Middle East and MRO Middle East events opened today in Dubai.

Emirates SkyCargo offers enhanced protection for pharmaceutical cargo

Emirates SkyCargo, has stepped up its commitment to securely transport temperature sensitive pharmaceutical shipments with the introduction of pharma corridors offering additional protection across selected stations in its

Boeing's 787-10 Dreamliner cleared for commercial service by Federal Aviation Administration

Boeing has announced the 787-10 Dreamliner received an amended type certificate (ATC) from the U.S. Federal Aviation Administration (FAA), clearing the aircraft for commercial service.

Dubai Air Navigation Services and SERCO Middle East sign contract

At its head quarterís in Dubai International Airport (DXB), Dubai Air Navigation Services (dans) have signed a supplementary agreement with SERCO Middle East.

Airbus throws spotlight on Tactilon Dabat to develop apps for local security agencies

Airbus will throw the spotlight on the Tactilon Dabat, the world's first integrated smartphone and full TETRA radio--all rolled into one, during their first time participation at the 20th edition of Intersec, the worldís leading trade

Aviation Africa SK18418
See us at
Istanbul Airshow BT22018AIME BT1204240118Aviation Africa BT18418Global Aerospace BT2018Saudi Future Airports BT150318Abu Dhabi AirExpo BT2018MEBAA BT2018ArabianTravelMkBT250418BIAS BT271017161118