Dubai: Kuwait’s Jazeera Airways Group on Tuesday posted a 44.6 per cent rise in net profit for the first quarter, driven by an increase in demand and higher load factors.
The group made a profit of 3 million Kuwaiti dinar’s ($9.94 million; Dh36.4 million) for the three months ending March 31, 2015, according to an emailed statement.
“With a 44.6 per cent increase in net profit from Q1 2014, this quarter’s earnings clearly reinforce our decision to focus on the airline business,” Jazeera Airways Group Chairman, Marwan Boodai, stated.
In January, the group announced the sale of its leasing fleet of 15 Airbus A320s for 148.5 million dinars (Dh1.8 billion) to focus on its passenger airline business.
“The opportunity for the airline continues to be at home despite the political challenges we see in the region. We operate in an area that has one of the fastest-growing populations in the world and enjoys one of the highest disposable incomes in the world,” Boodai stated.
Operating revenue was 12.9 million dinars, up 3.5 per cent compared to a year earlier, while operating profit was 2.4 million dinars, up 141.2 per cent
