(MENAFN- Arab Times) KUWAIT CITY Oct 22 (KUNA): Jazeera Airways has made net profits of KD 13 million in the first nine months of 2014 down 7.9 per cent compared to the responding period in 2013 the Group said on Wednesday. Earning per share (EPS) hit of 30.84 fils for the period Jan-Sept 2014 down from 33.94 fils the same period last year it added in a press release.
The Group announced a record net profit of KD 8.1 million for Q3 2014 up 22.6 percent from KD 6.6 million the same quarter in 2013 making it the company's best quarter in history. This is Jazeera's 17th quarter of straight profitability of which 13 had record net earnings. EPS for Q3 hit 19.20 fils up from 15.66 fils the same quarter in 2013. Q3 operating revenue hit KD 23.1 million and operating profit KD 9.1 million up from 15.2 per cent 17.8 from the from the same quarter in 2013 respectively. Hard assets hit KD 167 million and equity improved by KD 10 million since Q3 last year. Flown passengers were up by 10.8 per cent the company said. Revenue Jazeera Airways operating revenue for the nine months hit KD 52.4 million up 3.1 percent from the first nine months in 2013. Operating profit was down by 9.9 percent compared to the same period last year to KD 15.5 million. Net profit for the three quarters this year hit KD 13.0 million down 7.9 percent from the responding period in 2013. 'Despite the continued political unrest in several areas of our network the company managed to deliver the best earnings in the history of our nine-year old airline' the release quoted Group Chairman Marwan Boodai as saying. 'That's not to say that Jazeera Airways wasn't impacted by the rise of hot spots in our region. In fact like many of our peers some of the destination flights paths had to be rerouted to ensure the safety of our passengers and crews and that resulted in more flying hours' Boodai added. 'However thanks to our team's dynamic capacity management and resource planning we were able to absorb the impact in Q3 while registering 10.8 percent growth in flown passengers and a 22.6 percent growth in profitability.' In June the airline launched four exclusive and dedicated gates making it the only airline in Kuwait with gates that are exclusive to its customers. The dedicated gates which are equipped with two state-of-the-art bridges are strong product differentiators and enabled Jazeera Airways to offer a better easier and more streamlined boarding experience for customers.
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