Wednesday, August 9, 2017

Jazeera posts $7.6m net profit for Q2

Kuwait-based Jazeera Airways has recorded a net profit of KD2.3 million ($7.6 million) for the second quarter of the year, up 18.1 per cent over its KD1.9 million ($6.2 million) net profit in Q2 2016.

The carrier's results were driven by higher utilization, improved network planning, and a strong demand for travel during the quarter, which was airline’s best second quarter by flown passengers since Q2 2009.

Operating profit was KD2.2 million ($7.2 million), up 22.9 per cent from the same period last year.

Operating revenue hit KD14 million, up 9.5 per cent from the second quarter last year. Load factor for Q2 was 73.3 per cent, up 1.5 per cent from the same period in 2016. Passenger yield improved 4.7 per cent year-on-year.

Marwan Boodai, Jazeera Airways chairman, said: “I am pleased to report to our shareholders that we are on track towards increasing shareholder value. The company’s double digit growth at both the operational level and the net level reflects this ongoing commitment.”

The positive results in Q2 were, however, not enough to compensate for the airline’s first quarter KD900,000 net loss.

However, Jazeera Airways’ Q2 results were not enough to compensate for the airline’s first quarter KD900,000 ($2.9 million) net loss.

For the first-six months of 2017, the airline’s net profit stood at KD1.3 million ($4.2 million), down 77.3 per cent from H1 2016. Half-year revenue, at KD24.1 million ($79.6 million), was down 2.4 per cent year-on-year. The airline’s half-year operating profit was also down 65.2 per cent year-on-year, at KD 1.2 million ($3.9 million).

"Our half-year results, however, were pulled down by Q1’s earnings due to a host of external factors, most notably a slowing macroeconomy and the continued overcapacity on our routes. But the turn-around we saw in the airline’s performance in Q2 is very encouraging and we are well-positioned to sustain this positive performance in the coming quarters," Boodai said.

Earlier this month the airline launched a new brand, along with a reengineered, which now has a strong e-commerce infrastructure tasked with delivering a faster and more rewarding experience for the customers.

"Our team is also working hard to further optimize our route network, to increase utilisation of our fleet, to add new routes in the coming quarters, and to deliver the state-of-the-art dedicated terminal at Kuwait International Airport, which we promised to launch in the first quarter of next year,” he said. - TradeArabia News Service

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