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JAZEERA Airways Group has announced a second quarter (Q2) net profit of KD2.2 million ($8 million), up from a net loss of KD4.7 million ($17.2 million) in Q2 2010, making Q2 2011 the group’s fourth consecutive profitable quarter since the introduction of the company’s turn-around plan in mid-2010 and the best Q2 since inception. Operating revenue for the quarter stood at KD13.9 million ($51 million), up 63.6 per cent on 2010, and operating profit was KD2.8 million ($10.2), compared to an operating loss of KD1.8 million ($6.6 million) for the same quarter last year. Operating expenses reached KD11.1 million ($40.7), a seven per cent increase. The airline flew almost 300,000 passengers, average yield was up 52 per cent and load factor increased by 23.7 per cent. Group chairman Marwan Boodai said: 'Our continued record performance is a direct result of the business-enhancement measures we’ve put in place since mid-2010 as part of the turn-around plan. In addition to reducing cost, the turn-around plan brought more flexibility and efficiency to the business for the long-term. Jazeera Airways Group comprises an aircraft leasing business with assets deployed across the world and a commercial airline business serving 18 destinations across the Middle East. The results we’ve announced reflect the consolidated earnings of both business lines'. Since its launch in late 2005, Jazeera Airways Group had been profitable every year until 2009, when it registered a net loss for the first time due to overcapacity in the market. The turn-around plan was created as a direct response to this situation and aimed at solving this external challenge by resizing the group’s own operations internally and ultimately bringing it back to profitability. Implemented in May 2010, the plan included asset redeployment, staff reductions, rigorous cost management, network/market alignment and an enhanced commercial offering, which were rolled out over several months.