Flynas to be first Saudi airline to fly to Iraq in 27 years

Flynas said in a statement on its website it would start flights to several Iraqi cities in a few weeks. (Reuters)
Updated 12 October 2017
0

Flynas to be first Saudi airline to fly to Iraq in 27 years

CAIRO — Saudi Arabian budget airline Flynas said on Wednesday it would start flying to Iraq, the first Saudi airline to go offer that route in more than 25 years.
The airline said in a statement on its website it would start flights to several Iraqi cities in a few weeks.
There have been no flights between Saudi Arabia and Iraq since former Iraqi President Saddam Hussein invaded neighboring Kuwait in 1990.
Saudi Arabia and the United Arab Emirates are both wooing their northern neighbor in an effort to halt the growing regional influence of arch-foe Iran.
Flynas, which launched as Nas Air in 2007 and first turned a profit in 2015, is facing increasing competition in Saudi Arabia, its primary market.
In August the two countries said they planned to open the Arar land border crossing for trade for the first time since 1990.
That announcement had followed a decision by the Saudi cabinet on Monday to establish a joint trade commission with Iraq.


Angry Birds maker Rovio needs new games to revitalize sales

Updated 16 November 2018
0

Angry Birds maker Rovio needs new games to revitalize sales

  • Rovio said tough competition and high marketing costs would put pressure on its full-year outlook
  • Rovio grew rapidly after the 2009 launch of the original ‘Angry Birds’ game

HELSINKI: Rovio Entertainment, the maker of the “Angry Birds” mobile game, on Friday said the company needed to come up with new games to drive growth and warned that sales would fall this year after reporting higher third-quarter profits.
The Finnish company, which listed its shares on the stock market in Helsinki last year, reported third-quarter adjusted operating profit of €10.4 million ($11.8 million), up from €4 million a year ago.
But Rovio said tough competition and high marketing costs would put pressure on its full-year outlook. The group said it expected 2018 sales to be between €280 million and €290 million, compared with a previous range of €260 million and €300 million. Last year, the company had revenues of €297 million.
“It is clear that we need new games in order to accelerate growth,” Rovio’s Chief Executive Kati Levoranta said in a statement, adding that the company planned to launch at least two new games next year and had another ten projects in the pipeline.
Rovio grew rapidly after the 2009 launch of the original “Angry Birds” game, in which players used slingshots to attack pigs who stole birds’ eggs. The company expanded into film with an Angry Birds movie in 2016, but more recently has been hit by its high dependency on the Angry Birds brand and tough competition.
After its initial public offering in September 2017, Rovio’s shares dropped 50 percent in February after the company said its sales could fall this year after 55 percent growth in 2017.
Rovio expects a movie sequel to boost business next year and the company has also stepped up investments in its spin-off company Hatch, which is building a Netflix-style streaming service for mobile games.
Full-year core operating profit margin is seen at 10-11 percent, up from a previous view of 9-11 percent.