Kuwaiti low-cost carrier Jazeera Airways posted a 53.2 percent fall in third-quarter net profit Thursday.

Net income in the three months to September 30 came in at KWD762,745 dinars (USD$2.67 million), down from KWD1.63 million it made in the year earlier period.

Net loss in the nine months to September 30 came in at KWD1.47 million, compared with KWD1.48 million of net profit it made in the year earlier period, Jazeera said in a statement on the Kuwaiti bourse website.

Jazeera, which aims to fly 82 routes in the Middle East within the next five years, competes with United Arab Emirates-based Air Arabia and Dubai-based carrier flydubai which started operations this year.

Jazeera's chief executive Stefan Pichler said in August he saw a turnaround in the latter part of 2009 as business travelers turn to budget airlines.