Air Arabia Q1 net profit falls 12% year on year
Air Arabia has reported net profit of AED 44.2 million for the first quarter of 2011 (March-April), a fall of 12% year on year.
Revenue was AED 513 million, an increase of 6% year on year, and seat load factor rose to 85%, up from 80% last year.
The airline served 1.2 million passengers in the first quarter, an increase of 11 per cent compared to 1.03 million passengers in the same period last year.
“We are satisfied with our results for the first quarter of this year that is in line with our expectations, given the region’s uncertainty that has adversely affected the sector,” said Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia.
“Though the region has clearly shown positive signs, indicating the emergence from the more serious effects of the global financial downturn, the rise in fuel costs continues to challenge regional carriers. Despite this, Air Arabia has shown strong resilience and remains on a path of steady growth”.
Air Arabia took delivery of the third and fourth of 44 A320 aircraft it has ordered from Airbus. The airline will receive four more A320 aircraft this year.