Jazeera sees 47% jump in revenue

Despite slow season and high fuel prices, Jazeera Airways recorded a 47 per cent revenue increase in the second quarter of 2008, compared to the same period last year, the Kuwait-based budget carrier said yesterday.

However, the carrier's net profit declined by 54.5 per cent, to touch KD897,895 (Dh12.4 million) in the second quarter of this year, compared to KD1,794,103 in the same period last year.

The Kuwait Stock Exchange-listed airline's losses in the second quarter ending June 30, 2008 were KD897,895 compared to losses of KD1,794,103 in the corresponding period last year, according to Board Chairman and Chief Executive Marwan Boodai.

He added that the cost of fuel jumped by 48 per cent in the second quarter of 2008 against 35 per cent in the similar period of 2007.

"The second quarter is typically a low season for airlines but our results this quarter were a marked improvement over Q2, 2007, due to flying more passengers this year. Looking ahead, we are continuing our expansion in our markets and will be announcing new and exciting destinations as we take more aircraft deliveries in the fourth quarter of 2008," Boodai said.

Operating a fleet of six Airbus A320s from its two main hubs in Kuwait and Dubai, Jazeera Airways has firm orders for 34 additional aircraft, to be delivered over the coming years with the last fleet installment scheduled for delivery in 2014.

It flies non-stop to 27 destinations across the Middle East, Europe, North Africa and the Subcontinent.