Loading
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.

Want More News Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More