Wataniya Airways posts $50m loss
Kuwait, March 25, 2011
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 14.1 million dinars ($50.85m) in 2010, compared with losses of 10.9m dinars a year earlier, it said yesterday.
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 78.4m dinars in 2010. The firm's stock has lost 35 per cent this year after dropping 29.8pc in 2010.