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Revenue increase helps Gulf Air find the black
Despite a 30 million dinar ($79.6 million) increase in fuel expense for the year, Gulf Air reported a net profit of 1.5 million dinars for 2004, a complete turnaround compared to a net loss of 19.9 million dinars in 2003.
Revenue rose 23.8% to 476.3 million dinars on a 27% jump in passenger revenue, which was driven largely by a 24.3% increase in premium passengers carried during the year. The company said similar growth was seen in cargo revenue, which climbed 20.4% year-over-year.