Wataniya Airways to report USD43m loss

Wataniya Airways is expected to approve its financial results for 2010 within a week, while initial indicators show that the company will report a loss exceeding KWD13 million (USD43 million). The carrier suspended operations in mid-Mar-2011. Shares in Kuwait National Airways, the parent of Wataniya Airways, were flat on Tuesday.

Saudi Arabian Airlines Director General Khalid Almolhem stated the carrier plans to conduct its delayed IPO of its catering unit in 2Q2011. Credit Agricole is advising on the planned IPO. The carrier's maintenance unit will start making arrangements for its IPO later in 2011.

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