Radar Contact
Does GF have to be profitable? One can argue that it is a piece of the jigsaw and serves it's part in the future business plans for this nation. Yes, operating 777s will not solve all their problems, however they will certainly enhance the 'product', reduce operating costs, increase dispatch reliability etc. etc.
You seem to question the choice of ULR aircraft for their route network, well, there is far more to the equation than the range of an aircaft for operational success as I am sure you might be aware, an example that comes to mind is the A-330 (200) which has a very long range capability, but which operators use it to it's maximum....very few you will find, however it is an efficient aircraft and a money maker for many. Furthermore the 777 gives the company to opton and flexibility to operate wherever they choose eg. the US if they choose to.
Yes, they are overstaffed, but how much does this really cost the airline, will halving the staff make them profitable, I don't think so, after all they are not paying the wages or salaries that an equivalent EU airline pays for example. I agree that it would go towards saving money, but at what social cost for Bahrain? Do EK or QR make money? EK claims they do, but is this not through clever book keeping and once again Dubai.com....which seems to be going the way of most .coms.
Did Gulf Air ever make money, probably not, however it did serve a useful purpose to it's owners, one which they outlived and finally went their own ways.
Well there you go, my humble opinion and yes, obviously I feel that 777 is a great move and with the future fleet renewals taking place, I wish them all the best in a difficult time.
Chao