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FINANCIAL NEWS
Kuwait’s Jazeera Airways Q2 profit up to USD8m
09 Aug 2011
(MENAFN) Kuwait’s Jazeera Airways Group chairman, Marwan Boodai, said that in the second quarter, the carrier’s net profit reached USD8 million up from a USD17 million loss in last year’s same quarter, reported Arabian Business.
Boodai added that in the quarter, operating revenue surged 63.6 percent from 2010’s second quarter reaching USD50.7 million, whereas operating expenses grew 7 percent to reach USD40.5 million.
He also said that in 2011’s first six months, the airline’s net profit reached USD12 million, up from USD33.6 million net loss a year ago, moreover, the average yield rose 52 percent in the second quarter while load factors hiked 23.7 percent from 2010’s same quarter.
It is worth noting that in mid 2010, Jazeera Airways, which commercial business serves 18 destinations in the Middle East, revealed its “Turn-Around Plan” which slashed costs and brought more flexibility and efficiency.
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