Kuwaiti Jazeera Airways net profit up 22.6 percent in Q3
23 Oct 2014
(MENAFN) Kuwait-based Al Jazeera Airways group announced it has registered USD28 million in net profit for the July-September period of this year, an increase by 22.6 percent compared to the same period last year, as well as being the group’s best ever quarter earnings in history, Gulf Business reported.
Jazeera Airways also reported an increase in its operating revenue, which rose 15.2 percent to reach USD79.74 million during this year’s third quarter, while its operating profit reached USD31.41 million, increasing by 17.8 percent from the corresponding period in 2013, as well as registering an improvement in the group’s equity by USD34.52 million and registering a 10.8 percent growth in passengers.
Meanwhile, during the January-September period of this year, the airline’s operating profit grew 9.9 percent to reach USD53.50 million but its net profit declined 7.9 percent to reach USD44.87 million.
“Despite the continued political unrest in several areas of our network, the company managed to deliver the best earnings in the history of our nine-year old airline,” Jazeera Airways Group chairman said.
Jazeera Airways, which faces very hard competition with the other Gulf airlines, has been trying to deal with by adding new services, which included launching exclusive gates in Kuwait Airport for its customers, being the only Kuwaiti airline to provide booking options via mobile and online check-in for travelers.
The carrier said it is upgrading its Istanbul route by operating five flights a week to the city’s primary airport, Istanbul Atat”rk Airport (IST) instead of flying to Sabiha G”k”en International Airport (SAW), which the airline has served since 2008.