Kuwait Airlines incurs KD 32 million in losses

Published June 25th, 2001 - 02:00 GMT

The financial reports for 2000/2001 of the Kuwaiti Airlines Corporation reflected losses of 32 million Kuwaiti dinars ($704,000), according to Al-Sharq Al-Awsat.  


The Assistant Financial Manager of the Corporation, Kholoud Saadon, attributed a major portion of the loss to interest accumulated on loans—a figure amounting to KD 12 million ($39.6 million). Operating costs, however, did not exceed KD five million in the 2000/2001 fiscal year.  


Following the Iraqi invasion of Kuwait in 1990, Kuwaiti airlines was forced to borrow KD 400 million to cover the costs of damage repairs when the airline’s premises, as well as 15 of its airplanes were destroyed. Following the war, a decision was made to re-launch the enterprise.  


The airline’s fleet currently consists of 17 airplanes: three A320-200s, three A310-300s, five A300-605Rs, four A340-300s and two Boeing B777s. –(MENA Report)  

© 2001 Mena Report (www.menareport.com)

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