Jazeera Airways Group on profit mode
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Jazeera Airways Group recently announced a net profit of KD3.9 million for the second quarter of 2013. The company had previously announced a net profit of KD3.6m for the first quarter. The airline had recorded profitability in 11 of the 12 quarters.
Jazeera Airways Group chairman, Marwan Boodai, said: “We have carried more passengers than the same period of last year, with average load factor exceeding targets. All together, this culminated in profitable H1 results.”
Jazeera Airways operated the first half of the year with an average load factor of 70% and carried 4.1% more passengers than 2012.
In the last six months, Jazeera Airways Group secured funding for the three remaining aircraft on an order of 15 A320s. The structured loan was led by Kuwait’s NBK and DVB Bank SE. To date the airline has taken delivery of 13 Airbus A320s since 2005, as part of an order for 15 aircraft of the same type. The remaining two aircraft of the order are scheduled to be delivered in October 2013 and May 2014.
The company’s outlook for the rest of 2013 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 for the rest of the year. Jazeera Airways Group expects a seasonal increase in demand in the third quarter, and a mild fourth quarter.
Highlights
● Revenue: KD30.8m, up 9% from H1 2012
● Operating profit: KD9.5m, up 48% from H1 2012
● Net profit: KD7.5m, up 95% from H1 2012
● Flown passengers: up 4.1% from H1 2012
● Load factor: 70%, up 11.9% from H1 2012
*Percentages shown are calculated based on the absolute results, not the displayed rounded figures.
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