Kuwait’s Wataniya Airways loses USD50.85m in 2010

24 Mar 2011

(MENAFN) Kuwait-based Wataniya Airways, reported that losses increased strongly in 2010, in an nnouncement that came shortly after the company halted all operations because of financial struggling as well as the political unrest in the Arab world, reported Reuters.

The luxury carrier said that year on year losses rocketed by a little less than fifty percent, as losses were reported at USD50.85 million in 2010, up from USD39.3 million in 2009.

The company earlier this month had stopped all operations, leaving tens of travelers without return flights that they had already booked.

It is worth noting that the company reported total assets by the end of 2010 at USD282.9 million, and shareholders equity at USD89 million.

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