Kuwait – Mubasher: Jazeera Airways unveiled its financial results for both the second quarter and the first half of 2016.
As for the second quarter of 2016, the Kuwaiti carrier posted a decline of 38.1% in net profits as it reached KWD 1.98 million compared with KWD 3.2 million for the similar period of the previous year.
In respect to the first half of 2016, the company registered net profits KWD 5.99 million down by 3.7% from KWD 6.22 million at the comparable period of the preceding year.
Commenting on the company’s financial performance through these financial periods, Chairman, Marwan Boodai, said: "We are pleased to report another strong quarter on the back of higher passenger numbers, in terms of both volume and load factor. We closed the year with a load factor of 72.4%, which is a full 10% higher than our peers' average load factor on the routes we operate. That's not to say it wasn't a challenging quarter, we saw more capacity being dumped on our routes, rising fuel costs, and an expected shift of the summer season as most of Ramadan has now moved into Q2, thus shifting revenue and travel trends and slightly impacting our earnings."
Reportedly, last July Jazeera Airways was officially notified that its request to be allocated land at Kuwait International Airport to build a dedicated terminal was approved by the Kuwait Council of Ministers.
