Jazeera Rises to 5-Month High in Kuwait as Quarterly Profit Surges Sixfold

Jazeera Airways KSC rallied to the highest in almost five months after the Kuwaiti low-cost airline reported an almost sixfold increase in third-quarter profit.

The shares gained 8.8 percent to 124 fils, the highest intraday level since June 13, as of 10:27 a.m. in Kuwait City.

Net income increased to 4.4 million dinars ($15.7 million) from 762,745 dinars in the year-earlier period. The company is confident of sustaining profit in 2011 and beyond, Chairman Marwan Boodai said.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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