Jazeera Airways Q1 net jumps 17.8pc
Kuwait, May 2, 2012
Jazeera Airways Group has posted a record net profit of KD1.2 million ($4.32 million) for the first quarter of 2012, marking a 17.8 per cent increase in net profit over the same period of 2011.
This also makes the first quarter of 2012 the seventh straight profitable quarter since the third quarter of 2010.
The group also posted operating revenue of KD12.7 million, up 11.8 per cent from the first quarter of 2011. The operating profit went up 25.5 per cent in the first quarter of 2012 as against KD1.8 million of the same period last year.
The results reflect the success of the company’s Turn-Around Plan that was implemented in second quarter 2010 and had steered the company into continued profitability for the last seven quarters.
Jazeera Airways Group chairman Marwan Boodai said, “This is the first time in our history that we record seven straight quarters of profitability. Our strong performance clearly demonstrates the agility of the company’s business model, which continues to perform in the wake of increasing fuel costs and political turmoil in Syria.”
Established in 2005, Jazeera Airways Group is a Kuwait Stock Exchange-listed with a fleet of 12 fully-owned Airbus A320s, evenly distributed between its airline business, Jazeera Airways, and its fully-owned leasing-arm Sahaab Aircraft Leasing. Sahaab has assets placed with Virgin America, SriLankan Airlines, and Jazeera Airways.
The company’s outlook for 2012 continues to be positive in-line with a growing Kuwaiti economy, which continues to witness higher incomes despite international and regional economic pressures.
The company’s forecasts remain unchanged and expects a mild second quarter, a seasonal increase in demand in the third quarter, and a mild fourth quarter to close the year. – TradeArabia News Service
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