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28-Apr-2016 9:23 AM

Jazeera Airways reports operating profit decline in 1Q2016, outlook remains unchanged

Jazeera Airways revenue down 8% - financial highlights for three months ended 31-Mar-2016:

  • Operating revenue: KWD11.9 million (USD39.3 million), -7.8% year-on-year;
  • Operating costs: KWD10.2 million (USD33.9 million), -1.9%;
  • Operating profit: KWD1.6 million (USD5.4 million), -33.0%;
  • Net profit: KWD4.0 million (USD13.3 million), +33.0%;
  • Passenger numbers: +5.1%;
  • Load factor: +2.4 ppts;
  • Equity: KWD33.2 million (USD110.0 million);
  • Cash: KWD30.5 million (USD101.1 million). [more - original PR]

*Based on the average conversion rate at KWD1 = USD3.31412

Jazeera Airways: "Our outlook for the year remains unchanged and in line with our sector's seasonality. While the excessive overcapacity on the sectors we operate poses a downward pressure on our yields, we expect to counter this pressure in the peak summer season and close the year with growth in our operational profits and our bottom line," Marwan Boodai, Chairman. Source: Company statement, 27-Apr-2016.

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