Jazeera returns to profit in 2015 after major restructure

Kuwait’s Jazeera Airways posted a net profit of KD15.4m (US$51.3m) for 2015, reversed from a loss of KD2.8m in 2014. The 2014 figure was skewed by a major restructuring of the airline that saw it undergoing a sale and leaseback of its fleet to an external lessor. The latest profit was made on revenue of KD58.6m, down 6.2% compared to 2014’s figure of KD62.5m. Passenger numbers rose 4.5% to 1.22m, up from 1.17m last time, while capacity rose 3.5% and load factor climbed 1% to 69%. The increase in capacity was due to better utilization of the airline’s fleet of seven Airbus A320s. One more A320 may be added next year, depending on passenger loads, Jazeera said Feb. 8. Plummeting oil prices meant that fuel dropped to 22% of operating costs compared to 31% for the previous year. “We had a fantastic year and have a very strong position for 2016,” Jazeera Group chairman Marwan Boodai said.<br/>