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FINANCIAL NEWS
Air Arabia profit down 31.9% in 2010
21 Feb 2011
(MENAFN) Air Arabia Chairman, Sheikh Abdullah Bin Mohammad Al Thani, said that the company’s declines sharply to USD84.3 million in 2010, year-on-year, thus registering a 31.5 percent decrease as fuel prices increased and rival was more aggressive, reported Emirates 24/7.
The Chairman also said that turnover in the same year went up by 5.5 percent and amounted to USD566.3 million, compared to USD544.5 million a year before.
The chairman of the Sharjah-based low cost carrier said that despite results, dividends of eight per cent of capital were proposed and would be distributes after the company gains approval of shareholders.
It is worth noting that in 2010, Air Arabia carried 4.45 million travelers, which is ten percent more than the number reported in 2009 which was 4.06 million.
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