Font Size

- Aa +

Tue 3 May 2011 07:23 PM

Font Size

- Aa +

Kuwait's Jazeera posts record Q1 performance

Carrier upgrades outlook for Q2 from slow to mild; says not impacted by crisis in MENA region

Kuwait's Jazeera posts record Q1 performance

Kuwait's Jazeera Airways announced on Tuesday it made a net profit of KD1.1m ($4m) in the first quarter of 2011, up from a net loss of KD4.5m in the same period the previous year.

It was the airline group's third consecutive profitable quarter since the introduction of the company's "turn-around plan" in mid-2010, and the best ever Q1 performance, the company said in a statement.

Operating revenues in the first quarter of 2011 totalled KD11.4m, up 22.6 percent from Q1 2010 while expenses were down by more than 23 percent at KD9.6m.

The carrier said average yield in Q1 was up 41 percent compared to the same period in 2010 while load factors rose 26.7 percent.

Jazeera Airways Group chairman Marwan Boodai said: "We are very pleased with our record first quarter results, which demonstrate Jazeera Airways' success in mitigating the impact of the political unrest seen in the Middle East in the last quarter."

Boodai added: "Our outlook for the second half of the year remains unchanged, however we have upgraded our Q2 outlook from 'slow' to 'mild' as we welcome the inclusion of Cairo into our network starting from May 18.

"We remain focused on making every quarter of 2011 a profitable quarter as we have successfully strived for over the last three quarters."

For all the latest transport news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.