Thursday 22 March 2018

Jazeera posts $2.9m net loss for Q1

KUWAIT, May 4, 2017

Kuwait-based Jazeera Airways posted a net loss of KD900,000 ($2.9 million) for the first quarter of 2017.

The airline's operating revenue for the quarter was KD10.1 million ($33.1 million), down 15.3 per cent from Q1 2016, and its operating result was down KD1.0 million ($3.2 million).

Load factor for Q1 was also down 0.9 per cent from Q1 2016, settling at 72 per cent.

Jazeera Airways chairman Marwan Boodai said: “Our earnings for the quarter were impacted by a continuing slowing macroeconomy and that is impacting our sector’s yields. The fact that our load factor remained virtually unchanged from the same time last year is a clear indication that demand for our product continues to be strong despite the macroeconomic pressures and the extra capacity that continued to be dumped on our sectors. Looking towards the rest of the year, we are working to counter these external pressures through internal measures. In the next quarter we will launch our overhauled e-commerce platform that is tasked with generating ancillary income and optimizing the booking and payment experience to further differentiate our product. While our previously announced game-changing departure and arrival terminal is progressing on track to accept its first travelers in Q1 2018." - TradeArabia News Service

Tags: Airways | Net | Jazeera | loss | Q1 |

More Travel, Tourism & Hospitality Stories

calendarCalendar of Events