Kuwait-based Jazeera Airways has announced a narrowing of its first quarter net loss despite a big drop in the number of passengers carried compared to a year ago.
The airline reported an operating revenue of KD8.1 million during Q1, adding that the number of passengers flown during the quarter reached 104,116, down from 496,484 in the first quarter of 2020, as restrictions continue at Kuwait International Airport.
The carrier registered a net loss of KD5.2 million, an improvement of 14 percent from a net loss of KD6 million in the first quarter of 2020.
Jazeera Airways chairman Marwan Boodai said: “While restrictions continued at Kuwait International Airport during the quarter, Jazeera focused on connecting flights, targeting underserved segments of passengers within its network, which accounted for 28 percent of total passengers.
“The airline also launched two new destinations and acquired six new traffic rights as it prepares to launch new routes in the summer season. Overall, Jazeera acquired the largest market share at KWI during the month of March despite limited capacity.”
Jazeera said it grabbed a 25 percent market share of all passengers flown through Kuwait International Airport, and launched two new routes to Colombo, Sri Lanka, and Addis Ababa, Ethiopia.
The airline also took delivery of its sixth Airbus A320neo aircraft, as part of a scheduled order of four A320neo to be delivered this year.
Commercial flights from 35 countries continue to be suspended at Kuwait International Airport, while arrival capacity at the airport has been limited to only 1,000 Kuwaiti nationals per day since February 7.
As the rollout of the vaccination accelerates in Kuwait and worldwide, restrictions will be lifted slowly in the next three quarters which will encourage more people to travel and demand is expected to return gradually, Boodai (pictured above) said.
He added: “As we take the next step, Jazeera is equipped with a strong financial position and an experienced team that continues to deliver excellence and a fast turnaround in challenging circumstances and in every aspect of our business. The airline has a solid portfolio of travel rights, an efficient fleet and a network that connects passengers from point to point.
“Our outlook on demand for travel remains positive and we expect a recovery starting from the last quarter of the year.”
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