Jazeera Airways' first quarter profit up by 42%

Kuwait's Jazeera Airways yesterday announced a 42-per cent rise in quarterly profit compared with the same period last year.

The airline said net income was $2.8 million (Dh10.2m), or 3.7 fils per share, in the first quarter ended March 31. There are 1,000 fils per share.

Operating revenue was 10.78 million dinars, up 46 per cent from the year-ago period. The carrier, which operates a fleet of six planes from hubs in Kuwait and Dubai, did not give a reason for the profit jump.

"We will continue to expand in the rest of 2008, bringing new routes on the back of more aircraft deliveries through the year," Chairman and Chief Executive Marwan Boodai said in the statement. The firm ordered 34 additional aircraft to be delivered by 2014, it said. Boodai said: "Our strong Q1 results follow the major expansion strategy we pursued in 2007. We will continue to expand in the rest of 2008, bringing new routes on the back of more aircraft deliveries throughout the year."

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