Air Arabia posts $15 mn first quarter profit

Posted by on May 7th, 2010 and filed under Business/Economy, International. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Sharjah, May 7 (IANS/WAM) Air Arabia (PJSC) has posted a net profit of 50 million UAE dirhams (about $15 million) in the first three months of this year.

However, the figure represented a 51-percent decline in profit compared to 103 million dirhams in the corresponding period in 2009.

Air Arabia is the largest low-cost carrier in the Middle East and North Africa.

The airline has posted a turnover of 482 million dirhams, an increase of four percent, in the first quarter of this year, compared to 463 million dirhams in the corresponding period in 2009.

The airline served 1.3 million passengers in the first quarter of 2010, an increase of 9.2 percent compared to 951,000 passengers in the corresponding period last year.

‘We are glad with the positive results Air Arabia posted in the first quarter of this year,’ Adel Ali, chief executive officer of Air Arabia, said Thursday.

‘The lingering impact of the global financial crisis and the rise in fuel cost continues to affect the profitability of airlines worldwide. Nevertheless, Air Arabia posted appealing profits for this quarter and maintained its positive growth in passenger numbers,’ he added.

–IANS/WAM

snb/dg

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