Kuwait Airways, the state-owned carrier which hasn’t made a profit in more than 30 years, expects losses this year of as much as 60 million dinars ($193 million), and to break even in the 2024 fiscal year.
The company recorded a loss of 107 million dinars in 2019, Chairman Ali al-Dukhan said on Sunday in Kuwait.
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“It was supposed to be Kuwait Airways’ best year compared to the previous five years, until the pandemic hit the industry,” he told reporters. The upgrade to the airline’s fleet will give it flexibility to boost revenue, he said.
Kuwait Airways, which hasn’t made a profit since the Iraqi invasion in 1990, earlier this year restructured its order with Airbus SE, adding longer-distance single-aisle aircraft while reducing a commitment to the largest jetliners as it adapts to post COVID-19 demand.
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