Kuwait Airways projects losses of USD179m; 1time to transfer to main board of JSE

Kuwait Airways projected losses of KWD52.2 million (USD179 million) in the fiscal year to Mar-2011. Revenue for the year is forecast at KWD247.3 million (USD853 million) with expenditures of KWD299.5 million (USD1.0 billion), according to the 2010/2011 Budget approved by the Kuwaiti Parliament.

See related CAPA profile: Financial Results

In Africa, Lonrho (-6.5%) shares fell yesterday. Its Fly540 subsidiary announced the launch of daily services from Nairobi Wilson Airport to Mara, Samburu, Nanyuki and Amboseli, popular safari park destinations in Kenya.

In other African news, 1time Holdings (+2.9%) announced plans to transfer from the alternative exchange of the Johannesburg Stock Exchange to the main board, effective 05-Jun-2010.

Selected African and Middle Eastern airlines share price movements (% change): 29-Jun-2010