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Kuwait Airways expects a loss of more than USD284m in 2012

7-Sep-2012 12:56 PM

Kuwait Airways board member Jassim Zainal said the airline is expected to make a loss of more than KWD80 million (USD283.7 million) in 2012 due primarily to increased salary and maintenance costs, according to a report by Al Seyassah. He noted that the carrier's board has submitted studies to the cabinet on ways to operate and replace the airline’s fleet which would be put into action once the decree to convert the carrier into a company under the supervision of Kuwait Investment Authority is issued. The plan includes replacing the fleet through sale-and-lease back contracts. Mr Zainal said the carrier is currently unable to purchase aircraft or dispose of any assets, according to laws related to the carrier's privatisation issued by the Kuwaiti Parliament.