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Wed 4 Nov 2015 03:42 PM

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Kuwaiti carrier Jazeera posts 2.4% rise in Q3 net profit

Airline chairman says profit forecasts for the final quarter of 2015 will be in line with expectations

Kuwaiti carrier Jazeera posts 2.4% rise in Q3 net profit

Kuwait-based Jazeera Airways on Wednesday recorded a 2.4 percent rise in net profit of KD8.3 million ($27.3 million) for the third quarter of 2015 compared to the year-earlier period.

For the first nine months of the year, the carrier said net profits totalled KD14.5 million, an 11.7 percent increase over the same period last year.

Jazeera Airways chairman, Marwan Boodai, said: "We are pleased with this quarter's results and we forecast the last quarter to be in line with expectations. As for our previously announced capital reduction scheme and shareholder payout programme we are well on track and expect the last payout by early December."

Last month, the board gained shareholder approval to reduce the company's capital following the exit from the aircraft leasing business last January.

The company is in the process of reducing capital from KD42 million to KD20 million through a share buyback programme of 220 million shares at the nominal share price of 100 fils.

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