Jazeera Airways announces record performance in second quarter 2011

Jazeera Airways Group announced a second quarter (Q2) net profit of KD2.2m, up from a net loss of KD4.7m in Q2 2010, making Q2 2011 the Group's fourth consecutive profitable quarter since the introduction of the company's Turn-Around Plan in mid-2010, and the best Q2 since inception.

Q2 2011 Financial highlights:

- Operating revenue: KD13.9m, up 63.6% from Q2 2010

- Operating profit: KD2.8m, compared to an operating loss of KD1.8m in Q2 2010

- Operating expenses: KD11.1m, a 7% increase from Q2 2010

- Net Profit: KD2.2m, compared to a net loss of KD4.7m in Q2 2010

Q2 2011 Operational highlights:

- Average yield up 52% from Q2 2010

- Load factors up 23.7% from Q2 2010

- Passengers flown: 299,321

- Captured market-leading market share on most routes

H1 2011 Highlights:

- Operating revenue: KD25.3m, up 41.9% from H1 2010

- Operating profit KD4.6m, compared to an operating loss of KD5.1m in H1 2010

- Operating expenses: KD20.7m, down 9.7% from H1 2010.

- Net profit: KD3.3m, compared to a net loss of KD9.2m in H1 2010.

Jazeera Airways Group had registered KD4.4 in net profit for the third quarter (Q3) of 2010, KD2m in net profit for the fourth quarter (Q4) of 2010, KD1.1m in net profit for the first quarter (Q1) of 2011.

Jazeera Airways Group Chairman Marwan Boodai told analysts, "Our continued record-performance is a direct result of the business-enhancement measures we've put in place since mid-2010 as part of the Turn-Around Plan. In addition to reducing cost, the Turn-Around Plan brought more flexibility and efficiency to the business for the long-term. Jazeera Airways Group comprises an aircraft leasing business with assets deployed across the world, and a commercial airline business serving 18 destinations across the Middle East. The results we've announced today reflect the consolidated earnings of both business lines".