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Oman Air gets $650m bailout

Posted 15 April 2009 · Add Comment

Oman Air said it has received a $650 million 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 $780m from its previous level of $139m. The airline recorded a loss of $109m in 2008 compared with a $10.3m 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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