AMMAN (JT) -- Royal Jordanian (RJ) won the Merit Award for the CAPA Airline Turnaround of the Year 2006 at the 3rd Annual Asia Pacific and Middle East Aviation Outlook Summit, held recently by the Centre for Asia Pacific Aviation (CAPA) in Singapore.
In his letter to RJ President/CEO Samer Majali, CAPA Executive Chairman Peter Harbision said RJ was selected for the award of excellence in recognition of its successful turnaround and strong strategic contribution to the aviation industry.
Majali attributed the selection to the significant development RJ has witnessed since its transformation from a governmental company to a shareholding company. He noted that the airline receives no subsidy from the government and operates on a strictly commercial basis.
"RJ proved competent in turning its losses into profits during the last three years," Majali said. "The $12.6 million losses in 2003 became $24.2 million in profits in 2004 and $30.5 million in 2005," he indicated.
He added that this swift transformation will facilitate selling a big part of the company's shares to the local and international private sector in 2007.
Emphasising RJ's pride in receiving the CAPA award, Majali stressed the company's determination in executing a robust strategy to modernise its fleet, expand the route network, develop services and IT systems, and restructure the airline.
"The result is a notably improved image in the eyes of customers and organisations working in the field of aviation," he said.
The CAPA awards are presented annually to Asia Pacific and Middle Eastern personalities and organisations whose activities most influence business and regulatory strategies in ways which have a lasting impact on the evolution of the aviation and tourism industries.
CAPA, headquartered in Sydney, Australia, was founded in 1990. It has built an international reputation as the leading specialist aviation consultancy in the Asia Pacific, the Indian Subcontinent and Middle East regions.
CAPA Consulting's strategic advisory services are supported by the extensive information and data services provided by the centre's Market Research Unit to aviation industry leaders every day.
The centre also holds regular aviation leadership summits, which provide unique opportunities for the exchange of ideas and experience.
© Jordan Times 2006
