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Mon 8 Aug 2011 06:00 PM

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Kuwait's Jazeera Airways returns to Q2 profit

Airline announces second quarter net profit of $8m after posting losses in same period in 2010

Kuwait's Jazeera Airways returns to Q2 profit

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.

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