Kuwait's Jazeera Airways Q3 profit surges

Q3 profit jumps almost six-fold to be carrier's best performing quarter since launch
Kuwait's Jazeera Airways Q3 profit surges
By Joanne Bladd
Mon 08 Nov 2010 05:21 PM

Kuwait’s
no-frills carrier Jazeera Airways on Monday reported a nearly six-fold jump in
third quarter net profit to KD4.4m ($15.7m).

This
compared with KD0.76m for the same period a year earlier, and made the quarter to
September 30, 2010 the airline’s best since its launch in 2005.

"This
quarter's results are the direct outcome of the initiatives we've put in place
since the beginning of the year, starting with the 100 percent acquisition of
Sahaab Aircraft Leasing in February and the introduction of the Turn-Around
Plan in May," Jazeera's Chairman Marwan Boodai said in an emailed statement.

“Today,
we are operating the right fleet size on profitable routes,” he said.

Jazeera,
which competes with budget carriers flydubai and Air Arabia, made a loss of
KD4.7m in the second quarter of this year.

In
August, the airline cancelled a premium on a planned rights issue. In a
statement, it said it expected “financial support from shareholders and lenders
[to] provide the needed liquidity to meet its dues.”

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