Royal Jordanian confident of government backing as losses persist

Home Jordan News Royal Jordanian confident of government backing as losses persist 17-05-2022 12:35 PM Ammon News - Royal Jordanian Airlines believes the Jordanian government will continue to support the flag-carrier as it strives to restore profitability, flight global reported. The airline turned in a JD29.7 million ($41.9 million) pre-tax loss for the first quarter to 31 March, compared with a JD36>4 million loss for the same period in 2021. Revenues of JD98.7 million included Jd72.4 million from passenger transport and JD8.6 million from cargo. Royal Jordanian’s current liabilities exceeded its current assets by JD150 million at the end of the quarter, and its accumulated losses of nearly JD351 million exceeded the company’s capital. But the airline has been receiving assistance from the government through capital increase – two tranches, each of JD25 million, were received in 2020 and 2021 – and procedures for the latest hike of JD 50 million were completed in December. Royal Jordanian says it has received assurances from the government, through the Finance Ministry, that it is “in favour” of continuing to support the airline’s future operations, as it restructures its business. * Flight Global

Home Jordan News

Royal Jordanian confident of government backing as losses persist

17-05-2022 12:35 PM

Ammon News - Royal Jordanian Airlines believes the Jordanian government will continue to support the flag-carrier as it strives to restore profitability, flight global reported.

The airline turned in a JD29.7 million ($41.9 million) pre-tax loss for the first quarter to 31 March, compared with a JD36>4 million loss for the same period in 2021.

Revenues of JD98.7 million included Jd72.4 million from passenger transport and JD8.6 million from cargo.

Royal Jordanian’s current liabilities exceeded its current assets by JD150 million at the end of the quarter, and its accumulated losses of nearly JD351 million exceeded the company’s capital.

But the airline has been receiving assistance from the government through capital increase – two tranches, each of JD25 million, were received in 2020 and 2021 – and procedures for the latest hike of JD 50 million were completed in December.

Royal Jordanian says it has received assurances from the government, through the Finance Ministry, that it is “in favour” of continuing to support the airline’s future operations, as it restructures its business.

* Flight Global

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