Kuwait's Jazeera Airways Q3 profit surges - Transport - ArabianBusiness.com
Kuwait’s no-frills carrier Jazeera Airways on Monday reported a nearly six-fold jump in third quarter net profit to KD4.4m ($15.7m).
This compared with KD0.76m for the same period a year earlier, and made the quarter to September 30, 2010 the airline’s best since its launch in 2005.
"This quarter's results are the direct outcome of the initiatives we've put in place since the beginning of the year, starting with the 100 percent acquisition of Sahaab Aircraft Leasing in February and the introduction of the Turn-Around Plan in May," Jazeera's Chairman Marwan Boodai said in an emailed statement.
“Today, we are operating the right fleet size on profitable routes,” he said.
Jazeera, which competes with budget carriers flydubai and Air Arabia, made a loss of KD4.7m in the second quarter of this year.
In August, the airline cancelled a premium on a planned rights issue. In a statement, it said it expected “financial support from shareholders and lenders [to] provide the needed liquidity to meet its dues.”