Kuwait-based Jazeera Airways has reported a net loss of KD 8.2 million (US $28.4 million) for 2009, compared with a net profit of US $15.6 million the previous year.
Revenue for the year was KDÂ 46.02 million (US $159.3 million)Â
“We entered 2009 knowing it would be a challenging year not just because of the financial crisis alone but also because of the extra capacity that entered the region,” said Marwan Boodai, chairman of Jazeera Airways.
In 2009, the airline withdrew from Dubai, a move that it said was unconnected with the launch of government-owned budget carrier, flydubai.
The airline also announced plans to launch a business class that would be priced 35% lower than full service airlines’ business offerings.
In 2010, the company plans to increase frequency to destinations such as Mumbai, New Delhi and Lahore, as well as launching new flights to the summer destinations of Antalya, Hurghada and Salalah.
The airline acquired Sahaab Aircraft Leasing in mid-February, allowing Jazeera Airways access to regional and global leasing markets.
Jazeera Airways currently has 11 Airbus A320 aircraft in its fleet, operating services to about 25 destinations in the Middle East, Asia and Turkey. The carrier plans to expand its fleet and has placed orders for a further 29 A320 aircraft.