Air Arabia revenue up 5%, profits slump in 2Q2010

Air Arabia revenue up 5% - financial highlights:

• Three months ended 30-Jun-2010:
  • Revenue: USD132.1 million, +5.9%;
  • Cost of sales: USD121.7 million, +17.0%;
  • Gross profit: USD10.4 million, -49.8%;
  • Net profit: USD13.3 million, -45.6%;
  • Passenger numbers: 1.1 million, +11%;
  • Load factor: 82%, +4 ppts;
• Six months ended 30-Jun-2010:
  • Revenue: USD263.2 million, +5.0% year-on-year;
  • Cost of sales: USD239.3 million, +15.5%;
  • Gross profit: USD24.0 million, -45.0%;
  • Net profit: 26.8 million, -49.0%;
  • Total assets: USD1,611 million, -2.5% when compared to period ended 31-Dec-2009;
  • Total liabilities: USD210.3 million, +28.0% when compared to period ended 31-Dec-2009;
  • Cash and cash equivalents: USD173.5 million, -58.4%;
  • Passenger numbers: 2.2 million, n/a;
  • Load factor: 81%, n/a;
  • Revenue per passenger: USD122.77, -4%;
  • Cost per passenger: USD118.14, +4%;
  • Cost per passenger excl fuel: USD73.50, -5%. [more]

*Based on the conversion rate at USD1 = AED3.6735

Air Arabia: "We are pleased with Air Arabia's solid performance despite over all challenging market conditions. Air Arabia continues to post sustained quarterly profits with a high seat load factor and rising passenger traffic. These results demonstrate the strength of Air Arabia's business model and long-term expansion strategy," Sheikh Abdullah Bin Mohammad Al Thani, Chairman. Source: Air Arabia, 06-Aug-2010.