By Andy Sambidge
Airline announces second quarter net profit of $8m after posting losses in same period in 2010
Kuwait's Jazeera Airways said on Monday it had returned to profit in the second quarter of the year after suffering a KD4.7m loss in the same period last year.
Jazeera Airways Group announced a second quarter net profit of KD2.2m ($8m), up from a net loss of KD4.7m in Q2 2010.
The second quarter of this year was the group's fourth consecutive profitable quarter since the introduction of a "Turn-Around Plan" in mid-2010, the airline said in a statement.
Operating revenue reached KD13.9m in the second quarter of 2011, up 63.6 percent from Q2 2010, it said, adding that operating expenses stood at KD11.1m, a seven percent increase from the same period in 2010.
The carrier said average yield was up 52 percent from Q2 2010 while load factors rose 23.7 percent.
A total of 299,321 passengers were flown by Jazeera Airways in Q2, it added.
Net profit for the first half of the year reached KD3.3m, compared to a net loss of KD9.2m in H1 2010.
Jazeera Airways Group chairman Marwan Boodai said: "Our continued record performance is a direct result of the business-enhancement measures we've put in place since mid-2010.
"In addition to reducing cost, the plan brought more flexibility and efficiency to the business for the long-term."
Jazeera Airways Group comprises an aircraft leasing business with assets deployed across the world, and a commercial airline business serving 18 destinations across the Middle East.