Air Arabia forecasts financial improvement from 1Q2010
Air Arabia CEO, Adel Ali, stated the carrier forecasts 3Q2009 financial results will be “satisfactory”, with improvements in earnings expected to commence from 1Q2010 (Reuters, 28-Oct-2009). Mr Ali dismissed threats of an ongoing impact of H1N1 flu on passenger traffic and hopes an increase in passenger traffic will “drive the yields up” (Arabian Supply Chain, 28-Oct-2009).
Air Arabia: “The global recession has meant that a lot of carriers have shifted capacity into the Middle East...internationally you find the likes of British Airways returning to Saudi, Lufthansa into Qatar and Indian carriers also into the region. I believe we've got to the bottom of it and I expect improvement at the beginning of the first quarter. We are optimistic that the numbers will be fine...will be satisfactory,” Adel Ali, CEO. Source: Reuters, 28-Oct-2009.