Wataniya losses increase

Beirut:  Kuwait National Airways, which suspended all its operations last week, yesterday said its full-year loss widened to nearly 14.1 million Kuwaiti dinars (Dh186.63 million) in 2010, from a loss of 10.9 million dinars in the previous year.

The carrier, better known as Wataniya Airways, said in a statement posted on the Kuwait bourse website that its full-year losses per share escalated to 28.66 Kuwaiti fils, 22.17 fils a share in 2009.

Wataniya's fourth-quarter loss doubled to 5.83 million dinars, from a loss of 2.85 million dinars in the corresponding year earlier quarter, according to Zawya Dow Jones calculations. The company didn't disclose fourth-quarter results.

Dividend plans scrapped

The airline's board has proposed that no dividends be distributed for 2010, according to the statement.

Wataniya said last week that the suspension of its operations was due to unfair commercial conditions and unfavourable regional circumstances, and that the suspension will continue until shareholders take a decision on how to proceed with its business. The carrier also had asked the Kuwait bourse to halt the trading of its shares.