Kuwait Airways revenue boost fails to offset its losses

Losses deepen to $435 million but airline is confident of long-term strategy to improve operating profits
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Kuwait Airways, Financials
Kuwait Airways

Kuwait Airways is optimistic about its future performance despite its latest full-year financial results showing an increase in losses to $435 million.

Turnover for the 12 months leading up to 31 December 2018 increased by 10% to over $1 billion.

The airline has managed to cut costs in areas such as its staffing but has been impacted by the heavy increase in fuel prices which has weighed on the entire industry.

Kuwait Airways’ full-year statement said the company plans to increase its operational profits in the long-term.

It said: “The company’s long-term financial plan envisages an increase in aircraft fleet, increased flight services to profitable sectors and cost optimisation with an aim to improve revenue and operational profits.”

The firm was operating 25 planes in 2018 and 17 of these were on operating lease.

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