Kuwait Airways to incur $116 million losses in FY01/02
The state-owned Kuwait Airways Corporation (KAC) is expecting to suffer some 35.7 million Kuwaiti dinar ($116.2 million) in losses in the fiscal year 2001/2002, which ended March 31, an airline statement disclosed.
KAC had raised its losses forecast in the aftermath of the September 11 terror attacks in the United States, from the initially projected KD31.5 million, the national carrier stated. Efforts to minimize the airline’s net loss resulted is expenses totaling an estimated KD234 million, while revenues are expected to reach KD202 million.
In FY99/00, KAC posted $77.2 million profit, having collected nearly $800 million in reinsurance claimed for damages during the Iraqi invasion of the emirate in 1990, when its premises and 15 of its aircraft were destroyed.
Following liberation in 1991, the airline was re-launched and built its fleet to include three Airbus A320-200s, three Airbus A310-300s, five Airbus A300-605Rs, four Airbus A340-300s and two Boeing B777s. KAC was founded privately in 1954, but over a period of time was bought out entirely by the Kuwaiti government. — (menareport.com)
© 2002 Mena Report (www.menareport.com)