FINANCIAL NEWS

Air Arabia quarterly profits plunge 44%

08 Aug 2010

(MENAFN) Sharjah-based budget carrier Air Arabia reported a 44 percent decline in its second quarter with net profits reaching $13.7 million, down from $24.6 million for the corresponding period last year, Khaleej Times reported.

The decline in profitability was in line with global industry performance, which continues to be impacted by changing market dynamics, characterized by increase in fuel costs and continuous pressure on yield margins, the airline said in a statement.

In the second quarter of this year, Air Arabia posted a turnover of $132.6 million, an increase of 6 percent compared to $125.2 million in the same period of 2009.

The airline served 1,108,310 passengers in the second quarter of 2010, an increase of 11 per cent compared to 1,002,394 passengers in the same period last year.

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