Abu Dhabi, July 01: Gulf Air's new president expressed his confidence on Sunday that a cost-cutting restructure plan introduced this month will drag the cash-strapped airline back into the black within three years. "As a large airline, Gulf Air has all the ingredients to rebuild and reposition itself. Our network is still the most extensive in the region," Australian James Hogan told reporters here.

Gulf Air, which saw 2001 profits plummet 34.9 percent to 132.3 million dollars from 98.1 million dollars in 2000, "will break even after three years," said Hogan, previously CEO of Ansett Airlines in Australia and BMI British Midlands Airways.

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On June 9, Hogan unveiled a customer-focused plan, drawn up with US-based aviation consultants Simet Hellielson and Eicher, that envisages a three-year turn around for Gulf Air.

Qatar decided to quit Gulf Air last month, leaving the governments of Bahrain, Oman and Abu Dhabi as sole owners of the airline, which has a 32-strong fleet and flies to some 50 destinations. The three pledged to immediately inject around 80 million dollars into Manama-based Gulf Air, which was set up in 1974.

Gulf aviation analysts have traced the airline's turbulence to the launch by Oman and Qatar of their own carriers — Oman Air and Qatar Airways — despite staying in Gulf Air, which has seen passengers dwindle. Bureau Report