Jazeera Airways records Q1 2013 profit margins
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Jazeera Airways Group announced a net profit of KD3.6million (US$12.60m) for Q1 2013.
Jazeera Airways group chairman Marwan Boodai said: “These results were generated by our airline business, which saw an increase in passenger loads and a full recovery from the three Syrian destinations that were suspended by Q4 2012.”
The results were also driven by a five percent increase in passengers from Q1 2012, and a 15.2% increase in load factors from the same period last year. The airline operated the quarter with an average load factor of 70%.
The company’s outlook for 2013 continues to be positive in-line with a growing Kuwaiti economy, which continues to witness higher incomes despite international and regional economic pressures. The company’s forecasts remain unchanged and expect a mild second quarter, a seasonal increase in demand in the third quarter, and a mild fourth quarter to close the year.