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Jazeera Airways reports strong second half result. MENA stocks generally lower.


Jazeera Airways announced its 2H2010 net profit was the carrier's best second half result since 2008, with the return to profitability partly due to staff reductions and other cost cutting measures. Chairman Marwan Boodai added that the carrier is "optimistic" about 2011 and expects profits in the full year. Jazeera Airways' shares were flat, although most Middle East and African listed carriers stocks declined.

Jazeera Airways financial highlights:

  • The three months ended 31-Dec-2010:
    • Revenue: USD38.4 million, +7% year-on-year;
    • Operating profit: USD9.7 million, compared to a loss of USD23.7 million in p-c-p;
    • Net profit: USD7.2 million, compared to a loss of USD24.0 million in p-c-p;
  • 12 months ended 31-Dec-2010:
    • Revenue: USD152.8 million, -7.6%;
    • Cost: USD133.8 million, -27.6%;
    • EBITDA: USD25.5 million, compared to a loss of USD16.1 million in p-c-p;
    • Net profit (loss): (USD10.0 million), compared to a loss of USD29.4 million in p-c-p;
    • Passenger numbers: 1.3 million;
    • Fleet: 11 aircraft.

*Based on the conversion rate at KWD1 = USD3.5868

Selected MEAAD daily share price movements (% change): 22-Feb-2011

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