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Thu 12 Aug 2010 07:20 PM

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Jazeera Airways suffer Q2 loss of $16.4mn

The Q2 results may come as a blow to the expansion plans of the carrier.

Jazeera Airways suffer Q2 loss of $16.4mn
LOSS CONTINUES: Jazeera Airways loss continued in the second quarter of the financial year 2010.(Getty Images)

Kuwait's low cost carrier Jazeera Airways said on Thursday it made a loss of $16.41 million in the second quarter.

The airline, which started operations in 2005, made a loss of $4.38 million in the year-earlier period.

Expectations for Jazeera's results ranged from a profit of $347,584 to a loss of $3.82 million in a Reuters analyst survey in July.

In a statement to the Kuwaiti bourse, Jazeera said it made a loss of $32.04 million in the first half of the year, compared to a loss of $7.75 million in the same period period of 2009.

Jazeera, which aims to fly 82 routes in the Middle East within the next five years, competes with United Arab Emirates based Air Arabia and Dubai based carrier flydubai which started operations last year.

The carrier's total assets grew 119.5 percent in the first half of the year to $583.24.

The results were announced after trading hours on Kuwait's bourse. (Reuters)

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