Bahraini sovereign fund Mumtalakat swung back into profit in 2013 because of an improved performance at Gulf Air and lower impairment losses, it said on Wednesday.

The fund, fully owned by the Bahraini state but run on a commercial basis, made a net profit of BD82.7 million ($219 million) in 2013 compared with a net loss of BD181.7 million in the previous year, a statement to Reuters said.

The return to profit was driven “by significantly lower impairment losses and improved operating performance across portfolio companies, in particular Gulf Air”, it added.