Kuwait Airways posted $870m loss in pandemic-hit 2020

Kuwait Airways’ latest full-year financial statement shows the flag-carrier sustained a net loss of KD264.5m ($870m) during the pandemic-hit 2020. The airline’s revenues sank by 64% over the year, to just under KD138m. Kuwait Airways had already been unprofitable before the crisis, turning in a 2019 net loss of KD107m. The airline was badly affected by restrictions imposed by the emirate’s government, suspending all inbound and outbound flights on 7 March 2020. “Being an international airline and consistent with the industry trend, a significant portion of the group’s capacity had to be reduced,” the carrier states. Kuwait Airways’ fleet in 2020 comprised 30 aircraft. But the airline was limited from April 2020 to essential travel and specific repatriation flights, plus cargo-only services. Despite the extraordinary loss, the airline’s management says it “does not consider” the figures indicate existence of any material uncertainty regarding the airline’s ability to continue as a going concern.<br/>