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FINANCIAL NEWS
Kuwait Airways to receive first new planes in 16 years
14 Dec 2014
(MENAFN) Kuwait Airways (KAC) said that it is expecting to receive two Airbus aircrafts this week, which will be the first delivery of a new plane to the carrier in 16 years, Arabian Business reported.
The airline said that this delivery is part of a deal it signed to purchase 25 Airbus aircraft, comprising of 10 A350-900 and 15 A320 neo family, as well as 10 wide-body 777-300ER aircraft from Boeing, all of which are due to be delivered by the end of the decade.
KAC said that these planes are part of the carrier’s renewal program, which will result in renewing all of its planes, which average age is about 20 years, costing the airline millions in excessive maintenance bills.
The carrier, which has been losing in all of its year of service since 1991 except for one year, has registered a net loss of USD285 million in 2011-12, in addition to USD275 million in 2010-11 and USD180 million the year before, though it said that its losses declined to USD60 million this year.
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