Royal Jordanian Airlines, helped by lower fuel costs, bounced back to net profit of JOD25.5 million dinars (USD$35.9 million) in the first nine months of 2009 compared with a loss of JOD3.8 million in the same period last year.

A fall in fuel costs of 50 percent and a reduction in operational costs by 20 percent outpaced a 16-percent decline in revenues to JOD449 million from JOD532 million.

Royal Jordanian President and CEO Hussein Dabbas said the drop in revenues was due to a 3-percent drop in passenger numbers and a 32-percent decline in cargo.

Chairman Nasser Lozi said the airline forecast "positive" 2009 results despite challenges to the global airline business and tougher regional competition that pressured ticket prices.

Jordan sold 71 percent of Royal Jordanian to international and local investors in an initial public offering at the end of 2007 that made RJ the first Arab state carrier to be privatized.

Foreign investors, including the Beirut-based investment firm controlled by the Mikati family which acquired a 19.5 percent shareholding, now own at least 40 percent of the carrier's total JOD84.3 million capital.

The government retained a 29 percent stake.