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Air Arabia revenue up 6%, net profit down 12% in 1Q2011

5-May-2011 1:56 PM

Air Arabia revenue up 6% - financial* highlights for the three months ended 31-Mar-2011:

  • Revenue: USD139.7 million, +6.5% year-on-year;
  • Direct costs: USD130.2 million, +10.6%;
  • Net profit: USD12.1 million, -11.8%;
  • Passenger numbers: 1.2 million, +11%;
  • Average seat factor: 85%, +5 ppts;
  • Total assets: USD1835 million, +5.8% when compared with the period ended 31-Dec-2010;
  • Cash and bank balances: USD497.2 million, -1.0% when compared with the period ended 31-Dec-2010;
  • Total liabilities: USD460.9 million, +70.5% when compared with the period ended 31-Dec-2010. [more]

* Based on the conversion rate USD1 = AED3.67282

Air Arabia: “We are satisfied with our results for the first quarter of this year that is inline with our expectations, given the region’s uncertainty that has adversely affected the sector. Though the region has clearly shown positive signs indicating the emergence from the more serious effects of the global financial downturn, the rise in fuel costs continues to challenge regional carriers. Despite this, Air Arabia has shown strong resilience and remains on a path of steady growth,” Sheikh Abdullah Bin Mohammad Al Thani, Chairman. Source: Air Arabia, 04-May-2011.