Air Arabia Q3 net profit soars by 26%
* Budget carrier Air Arabia saw 26 per cent rise in Q3 net profit
* It is the UAE’s only publicly listed airline
* Strong performance ‘reflection of commercial and operational strengths’: Chairman
Budget carrier Air Arabia, the United Arab Emirates’ only publicly listed airline, reported a 26 percent rise in third-quarter net profit on Sunday.
The Sharjah-based firm made a net profit of AED297 million ($80.9m) in the three months to Sept. 30, the company said in a statement. This compares with a profit of AED235m in the corresponding period of 2015.
EFG Hermes and SICO Bahrain had forecast the airline would make a third-quarter profit of AED294.5m and AED209.4m respectively.
Sheikh Abdullah Bin Mohammed Al Thani, Chairman of Air Arabia said: “The strong third quarter and year to date performance is a reflection of Air Arabia’s commercial and operational strengths supported by the company’s commitment to deliver high value air travel to its customers and return on investments to its shareholders”.
He added: “Despite challenging trading conditions driven by excess capacity in the market, political instability in some markets and the effect of lower oil price in the regional economies, we remain confident about the long-term prospects for the low cost industry in region and our ability to continue with our growth plans while delivering our value-for-money promise to our customers everyday”.
(Air Arabia second quarter results here)
(With input from Reuters)