Kuwait Airways reported a huge loss of KD131.9 million ($435 million), the equivalent of over $17 million in losses for every aircraft in its fleet.
Airline’s operating loss for the financial year soared by 40%, amounting to KD120 million, while the net loss was up 25% to KD131.9 million.
Kuwait Airways acknowledges that – at the end of 2018 – its accumulated losses amounted to KD416 million, and that its liabilities exceeded its assets by KD208 million.
“The company’s long-term financial plan envisages an increase in aircraft fleet, increased flight services to profitable sectors and cost optimisation with an aim to improve revenue and operational profits,” said on its full-year statement.
Its fleet currently comprises 27 jets, including 10 Boeing 777-300ERs, five Airbus A330-200s, and 12 Airbus single-aisle aircraft of which two are A320neos.