The losses of Kuwaiti Jazeera Airways increased by about 66% to reach 6.5 million dinars, and the losses of the first half increased by 18% to reach 11.7 million dinars.
According to Arabiya Net, the company indicated that the decline in its quarterly profits is due to the decrease in its operating revenues as a result of the impact of the Corona pandemic to 15.5 million dinars.
It is noteworthy that the Kuwait Stock Exchange suspended trading on the shares of Jazeera Airways, based on the company's disclosure that the company's accumulated losses reached 93%, but the company said that it raised Its capital is 10 million dinars, and accordingly, the issue premium will be used to extinguish part of the accumulated losses, to reduce them to less than 75% of the capital.
The Director General of Next Generations Consulting, Eid Al-Shehri, said that Jazeera Airways had witnessed, at an earlier time, a similar crisis to the one it is currently experiencing, and the company increased its capital to reduce Losses of 75% of the capital.
He added that it is the nature of airlines to have large debts, and therefore any impact for a week or two on air traffic leads to losses for the company.
He said that next week the Cabinet will approve the opening of 7 new destinations for aviation, and among the companies that will benefit most from this matter, is Jazeera Airways.
