FINANCIAL NEWS

Air Arabia posts 5.6% decline of Q3 earnings

11 Nov 2010

(MENAFN) Shaikh Abdullah bin Mohammed Al Thani, Chairman of Air Arabia, announced that the low-cost carrier generated earnings worth $37 million during the July-September period of 2010, as opposed to $39.2 million during the corresponding period of 2009, representing a 5.6 percent decline, Khaleej Times reported.

However, the Sharjah-based airline achieved an increase of 4 percent in turnover during the period mentioned above, from $149.2 million in the previous year, to $154.7 million in the current year, said the Chairman.

During the third quarter of 2010, the carrier served 1,147,066 passengers, compared to 1,007,680 passengers during the same period a year earlier, registering a 14 percent jump. As for the average seat load factor, figures reached 84 percent, a rise of 8.5 percent compared to same period of 2009.

It is worth mentioning that the airline plans to launch Jordan’s first low-cost carrier as part of it expansion plans in June, according to Al Thani.

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