Kuwait's low-cost carrier Jazeera Airways has registered a net profit of KD9.2 million ($33.4 million) in the first nine months of 2011 compared to a net loss of KD4.8 million during the same period last year.

Announcing the results for best ‘nine-months’ since inception, Jazeera said it had maintained the largest market share on leading routes during the period with a 67.1 per cent jump in its load factor.

The Kuwait-based carrier flew a total of 902,007 passengers, up 15 per cent when compared to the same period last year, said the airline in a live webcast with financial analysts.

The nine-month operating revenues soared 40 per cent to KD44.5 million compared to last year, said the airline in a statement. Its operating expenses in the nine-month period fell to KD32.5 million from KD2.7 million, it added.

On its third quarter profit, Jazeera said it surged 36 per cent to hit KD6.1 million making it the group’s fifth consecutive quarter of record-profits since the introduction of its turn-around plan in mid-2010.

Its operating revenues for the third quarter rose 38 per cent to KD19.3 million compared to last year. The operating expenses hit KD11.8 million, registering a marginal increase of 11 per cent over last year.

The budget carrier posted a 121 per cent jump in its operating profit which hit KD7.5 million compared to last year.

During the period, Jazeera achieved the highest on-time performance (OTP) in the Middle East flying 337,629 passengers.

Commenting on the results, Jazeera Airways Group chairman Marwan Boodai said, 'We are glad to report another quarter of record earnings, proving the continued success of the Turn-Around Plan (TAP) and the institutionalization of the business and operational enhancements that were introduced as part of the plan.'

Implemented in May 2010, the TAP included asset redeployment, staff reductions, rigorous cost management, network/market alignment and enhanced commercial offering, which were rolled out over the months that followed.

'Today, the Group is well positioned for growth over the coming years,' he added.-TradeArabia News Service