Jazeera posts its best Q2 with $8m profit
Kuwait, August 8, 2011
Jazeera Airways Group has registered its best second quarter since inception by posting a net profit of KD2.2 million ($8.07 million) for three months ending June 30.
This is up from a net loss of KD4.7 million during the second quarter of 2010, making profit of the 2011 second quarter the Group’s fourth consecutive quarter of profits, a statement said.
Jazeera Airways Group had registered KD4.4 million in net profit for the third quarter of 2010, KD2 million in net profit for the fourth quarter of 2010, KD 1.1 million in net profit for the first quarter of 2011.
“Our continued record-performance is a direct result of the business-enhancement measures we’ve put in place since mid-2010 as part of the Turn-Around Plan,” said Marwan Boodai, Jazeera Airways Group chairman.
“In addition to reducing cost, the Turn-Around Plan brought more flexibility and efficiency to the business for the long-term. Jazeera Airways Group comprises an aircraft leasing business with assets deployed across the world, and a commercial airline business serving 18 destinations across the Middle East. The results we’ve announced today reflect the consolidated earnings of both business lines,” he added.
Implemented in May 2010, the Turn-Around Plan included asset redeployment, staff reductions, rigorous cost management, network/market alignment and enhanced commercial offering, which were rolled over the several months that followed. – TradeArabia News Service