Kuwait's Wataniya Airways' losses deepen in 2010

Airline saw a net loss of KD14.1m, in 2010, compared with losses of KD10.9m a year earlier
Kuwait's Wataniya Airways' losses deepen in 2010
KUWAITI CARRIER: Kuwaiti luxury carrier Wataniya Airways, which ceased operations this month citing finances and regional unrest, reported a deeper loss in 2010 (Getty Images)
By Reuters
Thu 24 Mar 2011 11:36 AM

Kuwaiti luxury carrier Wataniya Airways, which ceased operations this month citing finances and regional unrest, reported a deeper loss in 2010.

Wataniya had a net loss of KD14.1m ($50.85m) in 2010, compared with losses of KD10.9m a year earlier, it said in a statement on Thursday.

Last week, Wataniya said it was stopping operations due to its financial situation and regional unrest, and also blamed a "lack of fair trade requirements in the local market" for its decision, without elaborating.

Wataniya's total assets came in at KD78.4m in 2010, while shareholders equity was at KD24.7m.

The firm's stock has lost 35 percent this year after dropping 29.8 percent in 2010.

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