17-May-2010 1:37 PM

Jazeera Airways reports net loss in 1Q2010

Jazeera Airways reports the following financial highlights for the three months ended Mar-2010 (Bloomberg, 12-May-2010):

  • Revenue: USD31.7 million*;
  • Net profit (loss): (USD15.5 million).

*Based on the conversion rate at USD1 = KWD0.29

Jazeera Airways: “The winter season is historically a low travel season, often impacting first quarter revenues of airlines across the world. Despite our negative performance this quarter we are still upbeat on closing the year with a profit driven by the turnaround initiatives that were put in place in fourth quarter 2009 and first quarter 2010,” Marwan Booda, Chairman. Source: Bloomberg, 12-May-2010.