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FINANCIAL NEWS
Jazeera Airways Q3 earnings soar to $15.7m
08 Nov 2010
(MENAFN) Marwan Boodai, Chairman of Kuwait’s low-cost airline, Jazeera Airways, announced that the carrier posted a net profit of $15.7 million during the third quarter of 2010, compared to $2.7 million during the corresponding period in 2009, Reuters reported.
The mentioned figures show a nearly six-fold surge in net profit, and came as a result of Jazeera�s 100 percent acquisition of Sahaab Aircraft Leasing in February and the introduction of the Turn-Around Plan in May, Boodai said.
However, during the April-June period of this year, the carrier suffered a loss of $16.8 million prior to its cancellation of a premium on a planned rights issue and said it expected support from its shareholders and lenders to provide liquidity.
The airline, which aims to fly 82 routes in the Middle East within the next five years, competes with UAE-based Air Arabia and Dubai-based airline Flydubai.
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