Wataniya Airways reports $20m loss in first half 2009
Kuwaiti premium carrier, Wataniya Airways, has posted its results for the first half of 2009. The company reported a loss of KD5.9m ($20.6m), which is attributed to the company only beginning flight operations in January.
The airline said it managed to a volume growth of 82% in the second quarter against a capacity growth of 75%. It cited the difficult economic conditions that lead to higher pressures on yields.
“We believe the best of Wataniya Airways is yet to come in terms of better results and the continuing development of our premium services,” said Chairman and Managing Director of Kuwait National Airways (the owner of Wataniya Airways) Abdulsalam Al Bahar.
He added: “However, we are confident that we have the right product and a growing base of loyal guests who have demonstrated their commitment to the airline throughout the past month.
“We have indicators that are cause for optimism, such as the rapid increase in revenue we’re witnessing and the performance of our subsidiaries; United Projects for Aviation Services (UPAC) and Royal Aviation. And we believe that those indicators along with the support of the Kuwaiti authorities, namely the Directorate General of Civil Aviation for advocating a healthy and competitive aviation sector in Kuwait.”
The airline expects to start Jeddah flights during Ramadan, subject to regulatory approval which increases its network to eight destinations. In October 2009, the airline will take delivery of its fourth Airbus A320.
Abdulsalam Al Bahar said losses were expected for a start-up carrier
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