UAE’s Air Arabia posts USD21.3m net profit in Q1

11 May 2015

(MENAFN) Air Arabia, the low-cost airline headquartered in Sharjah Freight Center, posted a net profit of about USD21.3 million in the first quarter of the year, marking a 9 percent rise, Reuters reported.

The growth is attributable to the increase in passenger traffic. However, the airline recorded USD19.52 million net profit in the same period last year, according to the airline statements.

In the fourth quarter, the Air Arabia recorded a 30 percent decline in its net profit and the airline subsequently put the blame of fuel hedging.

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