Feb 24 2011 |
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Jordan: RJ profits decline by 66 per cent in 2010, rising fuel bill to blame
AMMAN (JT) - Royal Jordanian ( RJ ) announced Wednesday that the airline's net profit in 2010 reached JD9.6 million, a 66 per cent drop from the JD28.6 million generated in 2009.According to an RJ statement, Chairman of the Board Nasser Lozi expressed his satisfaction with the performance of the company despite the challenges facing regional and international air transport in terms of rising oil prices and competition, highlighting RJ 's ability to make the best use of available resources.
Lozi said that the company's financial and operational figures saw a remarkable growth last year, particularly in terms of revenues resulted from the growth in the number of passengers and departures, said the statement.
The airline attributed the decline in net profits to the 35 per cent in the fuel bill, which increased from JD150 million in 2009 to JD203 million last year,
The company's president and CEO Hussein Dabbas said that RJ was able to increase its market share and the number of passengers in 2010 by 13 per cent over 2009, despite increasing competition from a number of Arab and international carriers operating in Jordan, said the statement that was e-mailed to The Jordan Times yesterday.
However, he indicated that the rise in the fuel bill, due to increasing oil prices, operational expenses went up from JD504 million in 2009 to JD603 million in 2010, a 20 per cent increase.
According to Dabbas, the company's gross profit in 2010 stood at JD82 million. He stated that shareholders equity grew by 9 per cent from JD106 million in 2009 to JD116 million in 2010, while the company's assets increased by 2 per cent from JD376 million in 2009 to JD385 million last year.
The RJ president mentioned that the airline transported 3 million passengers last year, 13 per cent higher than 2009, adding that the flying hours and the uplifted cargo grew by 7 per cent and 31 per cent respectively in 2010.
Dabbas predicted that the challenges faced the company and global air transport industry last year to remain, particularly soaring fuel prices, pointing out that
RJ
will continue to exert its utmost efforts to tackle the challenges, most important, it will follow an effective cost-control policy without affecting the level of services, according to the statement.
© Jordan Times 2011
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