Kuwait's Jazeera Airways swung to a second-quarter loss as passenger traffic declined because of the Covid-19 pandemic.
The budget carrier posted a net loss of 3.9 million Kuwaiti dinars (Dh46.8m) in three months to June 30, compared to a net profit of 4.8m dinars in the same quarter last year, it said in a statement on Wednesday. Second quarter operating revenue plummeted 70 per cent to 7.7m dinars.
“2020 is without a doubt an exceptional year with the impact of the Covid-19 pandemic affecting every sector of the economy, and to the largest extent, the travel and tourism sector worldwide,” Marwan Boodai, Jazeera Airways' chairman, said.
The global aviation sector has been one of the worst hit during the Covid-19 pandemic as travel came to a near-standstill, forcing cash-strapped airlines to seek government rescue packages and to lay off or furlough employees.
The Kuwait-listed airline carried 43,800 passengers in the second quarter, fewer than the 549,000 passengers in the same quarter last year.
Its quarterly load factor – a measure of how well an airline is filling available seats – stood at 44.3 per cent compared with 77.6 per cent in the second quarter of 2019.
Commercial flights at Kuwait International Airport were suspended for nearly five months from March 13 to July 31 as part of measures to curb the spread of the virus. During the suspension, the airline mainly operated cargo, charter and repatriation flights.
The airline took measures to ensure business continuity and preserve cash during the crisis. This included suspending the 2019 dividend payment, drawing down on previously untapped bank facilities and re-negotiating costs with its suppliers, Mr Boodai said.
"Aggressive controls and elimination of fixed costs are underway, including the restructure of aircraft leases ... to make significant savings this year, along with ensuring the long term health of our company," he said.
By the end of the first half of 2020, the airline had a cash balance of 27.9m dinars.
The airline has a "strong" balance sheet with minimal debt and its financial reserves allow it to withstand "difficult conditions" for at least two more years, Mr Boodai said.
Scheduled passenger flights at Kuwait International Airport resumed on August 1 with limited capacity and a mandated 14-day quarantine for all incoming passengers. Jazeera Airways started operations to cities including Dubai, Riyadh, Istanbul, Bodrum and Trabzon.
“Our goal by the end of 2020 is not the bottom line, but our readiness for the following year," Mr Boodai said.
Short-term let permits explained
Homeowners and tenants are allowed to list their properties for rental by registering through the Dubai Tourism website to obtain a permit.
Tenants also require a letter of no objection from their landlord before being allowed to list the property.
There is a cost of Dh1,590 before starting the process, with an additional licence fee of Dh300 per bedroom being rented in your home for the duration of the rental, which ranges from three months to a year.
Anyone hoping to list a property for rental must also provide a copy of their title deeds and Ejari, as well as their Emirates ID.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
THE SPECS
Engine: 4.4-litre V8
Transmission: eight-speed automatic
Power: 523hp
Torque: 750Nm
Price: Dh469,000
The Library: A Catalogue of Wonders
Stuart Kells, Counterpoint Press
Guns N’ Roses’s last gig before Abu Dhabi was in Hong Kong on November 21. We were there – and here’s what they played, and in what order. You were warned.
- It’s So Easy
- Mr Brownstone
- Chinese Democracy
- Welcome to the Jungle
- Double Talkin’ Jive
- Better
- Estranged
- Live and Let Die (Wings cover)
- Slither (Velvet Revolver cover)
- Rocket Queen
- You Could Be Mine
- Shadow of Your Love
- Attitude (Misfits cover)
- Civil War
- Coma
- Love Theme from The Godfather (movie cover)
- Sweet Child O’ Mine
- Wichita Lineman (Jimmy Webb cover)
- Wish You Were Here (instrumental Pink Floyd cover)
- November Rain
- Black Hole Sun (Soundgarden cover)
- Knockin’ on Heaven’s Door (Bob Dylan cover)
- Nightrain
Encore:
- Patience
- Don’t Cry
- The Seeker (The Who cover)
- Paradise City
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Under-21 European Championship Final
Germany 1 Spain 0
Weiser (40')
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
UAE currency: the story behind the money in your pockets
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Have you been targeted?
Tuan Phan of SimplyFI.org lists five signs you have been mis-sold to:
1. Your pension fund has been placed inside an offshore insurance wrapper with a hefty upfront commission.
2. The money has been transferred into a structured note. These products have high upfront, recurring commission and should never be in a pension account.
3. You have also been sold investment funds with an upfront initial charge of around 5 per cent. ETFs, for example, have no upfront charges.
4. The adviser charges a 1 per cent charge for managing your assets. They are being paid for doing nothing. They have already claimed massive amounts in hidden upfront commission.
5. Total annual management cost for your pension account is 2 per cent or more, including platform, underlying fund and advice charges.
Race card:
6.30pm: Baniyas (PA) Group 2 Dh195,000 1,400m.
7.05pm: Maiden (TB) Dh165,000 1,400m.
7.40pm: Handicap (TB) Dh190,000 1,200m.
8.15pm: Maiden (TB) Dh165,000 1,200m.
8.50pm: Rated Conditions (TB) Dh240,000 1,600m.
9.20pm: Handicap (TB) Dh165,000 1,400m.
10pm: Handicap (TB) Dh175,000 2,000m.
How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
UAE currency: the story behind the money in your pockets
BACK%20TO%20ALEXANDRIA
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Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany
- At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people
- Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed
- Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest
- He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Everything Now
Arcade Fire
(Columbia Records)
More coverage from the Future Forum
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
More on Yemen's civil war
