Air Arabia reports profit declines in 2Q2016

Air Arabia revenue up 5% - financial highlights:

• Three months ended 30-Jun-2016:
• • Revenue: AED893.8 million (USD243.3 million), +3.9% year-on-year;
  • Operating costs: AED790.8 million (USD215.3 million), +6.5%;
  • Operating profit: AED102.9 million (USD28.0 million), -12.4%;
  • Net profit: AED131.1 million (USD35.7 million), -13.5%;
• Six months ended 30-Jun-2016:
• • Revenue: AED1840 million (USD500.8 million), +5.3% year-on-year;
  • Operating costs: AED1606 million (USD437.4 million), +4.5%;
  • Operating profit: AED233.1 million (USD63.5 million), +11.7%;
  • Net profit: AED237.5 million (USD64.7 million), +5.9%;
  • Total assets: AED11,613 million (USD3162 million);
  • Bank balances and cash: AED921.5 million (USD250.9 million);
  • Total liabilities: AED6654 million (USD1812 million). [more - original PR - I][more - original PR - II]

*Based on the average conversion rate at AED1 = USD0.272257 for 2Q2016
*Based on the average conversion rate at AED1 = USD0.27226 for 1H2016

Air Arabia: "We remain optimistic about the outlook of low-cost travel in the wider region as we continue to focus on further expanding our network and operational efficiency as well as leveraging on emerging travel trends by delivering even more value to our customers," Sheikh Abdullah Bin Mohamed Al Thani, Chairman. Source: Company statement, 11-Aug-2016.