Dubai: Royal Jordanian losses fell by 64 per cent in the first quarter compared to the same period a year earlier due to the collapse in oil prices, the airline said on Wednesday.
Royal Jordanian made a net loss of 8.3 million Jordanian dinars (Dh43 million, $11.7 million) over the three months ending March 31, 2015 compared to the 23 million in losses it made a year ago, according to an emailed statement.
Chairman of the Board of Directors, Sulaiman Al Hafez, stated the losses were due to the drop in oil prices, improvement in airline operations and cost cuts.
Brent crude, the global benchmark for oil prices, averaged at $54 a barrel in the first quarter compared with $108 a barrel the first three months of 2014, according to BP. It was the lowest quarterly average Brent price since the first quarter in 2009.
Royal Jordanian was satisfied with the first quarter performance, which signals a possible turnaround to profitability by years end, Al Hafez stated.
“The third quarter is usually and consistently peak time due to the holiday season which increases demand on international and regional tourism,” he stated.
