Jazeera Airways announce US$9.2 million Q2 profit
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In a recent development, Jazeera Airways Group announced a net profit of US$9.2 million (KD2.6 million) profit for Q2 of 2012, making the quarter the company’s eighth straight quarter of profitability since Q3 2010.
Q2 2012 financial highlights:
• Q2 Revenue: US$55.23 million (KD15.6m), up 11.8% from Q2’11’s US$49.5 million (KD14 million)
• Q2 Operating profit: US$14.9 million (KD4.2 million), up 49.2% from Q2’11’s US$9.91 million (KD2.8 million)
• Q2 Net profit: US$9.2 million (KD2.6 million), up 23.5% from Q2’11’s US$7.44 million (KD2.1 million)
• Q2 Average yield: up 19.4% from Q2’11
The results are the outcome of the Group’s Strategic Master Plan (STAMP), a business plan for the years 2012 – 2014. It also follows the success of the Group’s Turn-Around Plan (TAP) that was brought into effect from Q2 2010 to end of 2011.
Jazeera Airways Group Chairman Marwan Boodai said: “The financial performance demonstrates the agility of the company’s business model, which continues to perform despite ongoing political turmoil in our region. Our outlook for the second half continues to be positive in-line with Kuwait’s economy, which continues to witness higher incomes despite international and regional economic pressures.”
The Group’s forecasts for the rest of the year remain unchanged, as it expects a seasonal increase in demand in the third quarter, and a mild fourth quarter to close the year.
Operationally, Jazeera Airways’ OTP for the second quarter was 94.21%, as measured by the US-based global OTP tracker FlightStats.