Jazeera posts record 1Q for third consecutive quarter of profits

Jazeera Airways reported its third consecutive profitable quarter (operating and net) since the introduction of the company's "turn-around plan" in 1Q2011, marking its best ever first quarter performance. The carrier, which was unprofitable in 1Q2009 and 1Q2010, is targetting profitability in every quarter of 2011. It is also aiming for market share of up to 15% in 2011, adding that in 2012 the picture would change with fleet expansion. [1321 words]

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This report contains the following subheadings:

• Back to profitability after losses since 2009
• Profitability despite challenging market
• Revenues increase 23%; operating expenses reduced by 23%
• Yield improves considerably as do load factors
• Flexibility in group business and turn-around plan prove beneficial
• Four A320s by 2014; reduces A320 order from 40 to 15
• Launch to Cairo in May-2011, seeking Saudi Arabia domestic services

This report contains the following charts and tables:

• Jazeera Airways statement of income: 1Q2008 to 1Q2011
• Jazeera Airways revenue and net profit: 1Q2010 to 1Q2011
• First quarter profit development 1Q2008 to 1Q2011
• Fuel price development: 1Q2009 to 4Q2011F
• Jazeera Airways yield development (KWD): 1Q2009 to 1Q2011
• Jazeera Airways' turn-around plan
• Progression to turn-around plan
• Cairo International Airport capacity (seats per week, to/from) by carrier (02-May-2011 to 08-May-2011)