12-Nov-2013 2:35 PM

Air Arabia reports steady profit for first nine months of 2013

Air Arabia reported (11-Nov-2013) net profit remained steady year-on-year at AED341 million (USD92.8 million) for the first nine months of 2013. Revenue for the period increased 14% to AED2.3 billion (USD626 million) and passenger traffic increased 15% to 4.5 million. The carrier recorded a load factor of 81% for the period. In 3Q2013, net profit decreased 9% to AED206 million (USD56.1 million), revenue increased 6% to AED854 million (USD232.5 million) and passenger traffic increased 11% to 1.5 million. The decline in profit for the quarter was attributed to travel seasonality, particularly the timing of Ramadan. The carrier received two A320s in 3Q2013 and expects to take delivery of two more by the end of 2013. Air Arabia chairman Sheikh Abdullah Bin Mohammed Al Thani said, "Air Arabia is pleased to announce yet another nine months of solid financial performance, achieved despite the continued political instability affecting the regional travel market...Air Arabia’s robust financial performance, a function of our high seat load factor and operational excellence, further reflects the airline’s continued focus on generating profitable growth through innovation and excellent services." [more - original PR]

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