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FINANCIAL NEWS
UAE Air Arabia registers 3Q profit drop
09 Feb 2016
(MENAFN) Air Arabia, the UAE’s only publicly-listed airline, proclaimed its third quarterly profit decrease, as fuel borders taken at higher oil prices continued to hurt results.
Moreover, it net income reached USD 16.1mn in three months to Dec. 31, a drop of 13 percent from the USD 68mn made a year earlier, which launched 23 new routes.
Accordingly, the airline would make a 4th quarter net revenue of USD 21.58mn- a number which is attributable to shareholders, while a year earlier its figures didn’t match.
However, the fall in profit was because of stress on yields and hedges made at much higher fuel prices, while Brent Crude dell almost 23 percent in the 4th quarter alone.
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