kuwait airways posts losses
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Kuwait Airways posts losses

Arab Today, arab today

Arab Today, arab today Kuwait Airways posts losses

Kuwait City - AFP

Kuwait Airways posted a sharp rise in losses for the 2010/2011 fiscal year to March 31 due to an increase in maintenance and fuel costs, its chairman Hamad al-Falah said on Monday. The state-owned carrier incurred losses of 76 million dinars ($275 million, 193 million euros) last year compared to 55 million dinars the previous year, a 38-percent decline, said Falah, cited by the official KUNA news agency. Revenues of the airline last year came at $825 million while spending was $1.1 billion, Falah said. Maintenance cost $130 million, fuel $272 million while extra salaries paid for "surplus" employees was more than $100 million, Falah said. The privatisation-bound airline has posted a loss in all but one of the past 21 years, accumulating losses of more than 2.7 billion dollars. Kuwait has two private airlines, Wataniya Airways, which recently ceased operations due to losses, and the low-cost Jazeera Airways. In March last year, the government formed a committee to probe allegations of widespread corruption in the state-owned carrier and vowed to refer the findings to the public prosecutor. Under a privatisation law, Kuwait Airways will be transformed into a private company with a 35-percent stake to be sold at auction to foreign or local investors and 40 percent to be sold to Kuwaiti citizens in an initial public offering. Twenty percent will be reserved for state-run institutions and the remaining five percent will be distributed for free to the Kuwaiti employees. The privatisation process, however, has been running behind schedule. The airline has a fleet of 15 Airbus and two Boeing aircraft that it bought in the early 1990s.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait airways posts losses kuwait airways posts losses

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

kuwait airways posts losses kuwait airways posts losses

 



GMT 06:46 2017 Wednesday ,04 October

Pope to bless icon for Holy Family Journey to Egypt

GMT 15:51 2017 Tuesday ,22 August

FVP informed on arrangements for Sudan in meetings

GMT 04:55 2016 Monday ,03 October

Alec Baldwin nails it as Trump on ‘SNL’

GMT 21:15 2017 Tuesday ,19 September

Security forces intensify their presence in Kirkuk

GMT 03:39 2017 Saturday ,30 September

Al Jawaheri economic improvement

GMT 10:29 2018 Saturday ,06 January

Siniora meets German Ambassador

GMT 06:27 2017 Tuesday ,26 December

Embassy in Russia marks National Days

GMT 19:06 2017 Thursday ,05 January

Moral policing in Maharashtra, too

GMT 11:49 2017 Wednesday ,26 April

OIC Condemns Attack on Military Base in Afghanistan

GMT 18:35 2017 Monday ,27 February

UK foreign secretary leaves Egypt
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday