Air Arabia net profit up 21%

08/08/2017 05:35 AST

Budget carrier Air Arabia, the United Arab Emirates' only publicly-listed airline, reported a 21 percent rise in second-quarter net profit on Monday.

The Sharjah-based airline made a net profit of 158 million dirhams ($43.02 million) in the three months to June 30, the company said in a statement. This compares with a 131 million dirhams net profit in the corresponding period of 2016.

EFG Hermes and SICO Bahrain had forecast the airline would make a second-quarter profit of 95.9 million dirhams and 96.3 million dirhams respectively.

The airline's second-quarter revenue was 906 million dirhams, compared to 894 million dirhams posted in the same period a year earlier, the statement said.

Air Arabia has been affected by the ban imposed in June by the UAE, Saudi Arabia, Egypt and Bahrain on flights to and from Qatar.

The airline, whose chairman, Sheikh Abdullah Bin Mohammad Al-Thani, is a member of Qatar's ruling family, did not address the issue of the banned flights in its statement.

Air Arabia said it carried 2.05 million passengers in the second quarter with an average load factor - or number of seats filled - of 79 percent.


Saudi Gazette

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