30-Jun-2010 10:36 AM

Kuwait Airways projects losses of USD179m

Kuwait Airways has projected losses of KWD52.2 million (USD179 million) in the fiscal year to Mar-2011 (Bloomberg/AFP/Arabian Business, 29/30-Jun-2010). 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. The state-owned carrier, which is being prepared for sale, has not made a profit since the 1990 Iraqi invasion and has incurred losses of more than USD2.5 billion in the past 20 years. Meanwhile, the Parliament rejected a recommendation from Opposition MPs to suspend the privatisation of the carrier until the Audit Bureau conducts a probe into graft allegations at the airline.