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FINANCIAL NEWS
Air Arabia’s 2009 profits decline 11.3%
14 Feb 2010
(MENAFN) UAE-based low-cost carrier Air Arabia, the Arab world’s largest listed airline, said that its fourth-quarter net profit fell 15.2 percent, but beat most analysts’ forecasts, while its full-year profit declined 11.3 percent, Khaleej Times reported.
Fourth quarter profit was $31.43 million, down from $37 million in the same period last year, while full-year profit attributable to shareholders was at $123 million, it said in a statement.
Air Arabia carried 4.1 million passengers in 2009, up 14.2 percent from 3.6 million passengers last year, while the airline’s seat load factor stood at 80 percent.
The company faces growing competition in the Gulf region from rivals including Kuwait’s Jazeera Airways and Dubai-owned flydubai, but also from bigger carriers struggling to cope with a sharp drop in international passenger travel.
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