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Air Arabia reports net profit in 1Q2010

7-May-2010 12:11 PM
Air Arabia reports (06-May-2010) the following financial highlights for the three months ended 31-Mar-2010:
  • Revenue: USD131.2 million, +4% year-on-year;
  • Net profit: USD13.6 million, -51%;
  • Passenger numbers: 1.0 million, +9.2%;
  • Passenger load factor: 80%, stable.
Based on the exchange rate: 1 AED = 0.272250 USD
Air Arabia: “We are glad with the positive results Air Arabia posted in 1Q2010 ... The lingering impact of the global financial crisis and the rise in fuel cost continues to affect the profitability of airlines worldwide as a result of continuous dilution in yields versus market over capacity. Nevertheless, Air Arabia posted appealing profits for this quarter and maintained its positive growth in passenger numbers,” Adel Ali, CEO. Source: Air Arabia, 06-May-2010.