Jazeera Airways net profit up 24.6% in Q3

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Jazeera Airways has reported a net profit of 7.6 million Kuwaiti dinar ($26.9 million) for the third quarter, up 24.6% compared with the same quarter last year.

Operating profit for the three months to 30 September increased 17.9% to 8.8 million dinar, as average yields increased by 9.5% year-on-year.

Revenue for the period - which was Jazeera's ninth consecutive profitable quarter - increased 5.9% to 20.4 million dinar.

The group says its forecast for the rest of the year remains unchanged, and it expects to close the year with a "mild" fourth quarter.

Year-to-date for the first nine months, revenues have increased by 9.3% to 48.7 million dinar while operating profits grew 26.3% to 15.2 million dinar. Average yields were up 16% year-on-year.

Net profits for the nine months to 30 September increased 23.6% to 11.4 million dinar.

The airline's cash reserves increased to 29 million dinar, exceeding equity.