$37.8m loss puts Wataniya Airways deeper in the red
Kuwaiti carrier's assets rise but shareholders' equity falls after one year of travel operations
Kuwait City : Kuwait's private carrier Wataniya Airways yesterday announced that it had posted a loss of $37.8 million (Dh138.8 million) in 2009 compared to a shortfall of just $5.4 million the previous year.
Wataniya, which began travel operations a year ago, saw its assets rise to $275 million last year compared to $269 million in 2008, the company said in a statement posted on the Kuwait Stock Exchange website.
Its shareholders' equity dropped from $219 million in 2008 to $182.3 million last year.
The airline, Kuwait's first premium private carrier, operates four Airbus A-320 aircraft and is due to receive a fifth later this month. Two more planes will be delivered this year.
Kuwait already has a national carrier, Kuwait Airways, which is expected to be privatised soon. Jazeera Airways is also Kuwaiti.
