March 29 - Kuwaiti-based low-cost carrier, Jazeera Airways, has posted a loss of $28.5 million for 2009 as compared to a net profit of $15.6 million in 2008. The company said the losses were the result of the recession. The airline’s assets rose $256 million at the end of last year compared with $253.5 million in 2008, as reported on the Kuwait Stock Exchange’s website.
Shareholder equity dropped sharply to $67.7 million last year from $96.2 million at the end of 2008. Jazeera, which began operations in October 2005, has 11 Airbus A320s and flies to about 25 destinations in the Middle East and Asia as well as Turkey at highly reduced fares. It has ordered a further 29 Airbus A320s.