Jazeera Airways Q4 net earnings up 93%

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Jazeera Airways has reported a net profit of 2.5 million Kuwaiti dinar ($8.87 million) for the fourth quarter, up 93% compared with the same quarter last year.

Operating profit for the three months to 31 December 2012 increased 18% to 3.3 million dinar. Revenue for the period increased 5% to 13.9 million dinar.

For the full-year, revenue increased by 8% to 62.6 million dinar while operating profits grew 25% to 18.5 million dinar. Average yields were up 13% year-on-year.

Net profits for the year increased 32% to 13.9 million dinar. The airline's cash reserves increased to 47 million dinar, exceeding equity.

The group says the result reflects the on-going success of its strategic master plan, dubbed 'Stamp'.