$37.8m loss puts Wataniya Airways deeper in the red

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.