Kuwait – Mubasher: Jazeera Airways posted a decline of 27.4% in profits during the third quarter of 2016 as compared to the same period of 2015.
Earnings reached KWD 6 million ($19.74 million) in Q3-16 as compared to KWD 8.26 million ($27.17 million) in Q3-15, according to a recent statement issued Monday.
During the nine months of 2016, profits declined 17.1% to KWD 12 million as compared to KWD 14.47 million in the same period a year ago.
“Our earnings for the quarter came in less than expected even though we carried more passengers and we lifted our load factor, however the pressure on yields due to low oil prices and a host of other factors continued through the third quarter,” said chairman of Jazeera Airways Marwan Boodai.
Operating profits decreased 10.6% to KWD 18.8 million in Q3-16, while in the nine-month period, profits fell 8.8% to KWD 43.5 million.
