Jazeera profits up 94%

Dubai and Kuwait-based no frills airline Jazeera Airways has posted a net profit increase of 94.4% in 2008, despite last year's crippling fuel prices.

Net profits for 2008 totalled KD4.5 million and revenues increased over 40%.

"Jazeera Airways continues to surprise the market with year on year revenue and profit growth. This despite the challenges in 2008 from high fuel prices," said Marwan Boodai the airline’s Chairman.

"The strategic initiative to deleverage the business in 2008, with the sale and leaseback of some assets has strengthened our balance sheet at exactly the right time, considering the current credit crisis," Boodai said.