Gulf Air says it is on track to achieve its target to slash costs by 24 per cent by the end of 2013. In January 2013, the airline reduced its losses by 34 per cent, increased passenger traffic by 9.6 per cent, and raised its yields by eight per cent, all compared with the same period last year. “The airline also cut its expenditure significantly through reductions in aircraft lease fees, flight related charges, staff expenses and the closure of four loss-making routes,” the airline said in a statement. Gulf Air returned two leased E-190s this year, meaning its fleet is now comprised solely of Airbus aircraft. The carrier will complete its fleet realignment by April 2013, after which it will have 26 aircraft in a mix of mostly new widebodies and narrowbodies. Gulf Air has cut 15 per cent of its workforce since the beginning of the year. It is expecting to complete its network realignment by March 2013.