Jazeera Airways Q3 falls 53.2pc
Kuwait City, November 12, 2009
Kuwaiti low-cost carrier Jazeera Airways posted a 53.2 percent fall in third-quarter net profit on Thursday.
Net income in the three months to Sept. 30 came in at 762,745 dinars ($2.67 million), down from 1.63 million dinars it made in the year earlier period.
Net loss in the nine months to Sept. 30 came in at 1.47 million dinars, compared with 1.48 million dinars of net profit it made in the year earlier period, Jazeera said in a statement on the Kuwaiti bourse website.
Jazeera, which aims to fly 82 routes in the Middle East within the next five years, competes with UAE-based Air Arabia and Dubai-based carrier flydubai which started operations this year.
Jazeera's chief executive Stefan Pichler told Reuters in August he saw a turnaround in the latter part of 2009 as business travellers turn to budget airlines.
Shares of Jazeera fell 4.5 percent on Thursday, underperforming Kuwait's main index which closed 0.7 percent down. Earnings were announced after trading hours.