Air Arabia’s Q3 net profit drops
The low-cost carrier cited a seasonal slowdown in travel during Ramadan, which was from July to August this year.
November 12, 2013 10:30 by Reuters
Budget carrier Air Arabia , United Arab Emirates’ only publicly listed carrier, reported a 9 per cent drop in third-quarter net profit on Monday, missing analyst forecasts.
The Sharjah-based carrier made a net profit of AED206 million in the third quarter, compared with AED226 million in the corresponding period in 2012, the company said in an emailed statement.
Three analysts polled by Reuters had forecast profit of AED241.3 million for the quarter.
The low-cost carrier cited a seasonal slowdown in travel during Ramadan, the Muslim holy month of fasting, which was from July to August this year.
Revenue reached AED854 million, an increase of 6 per cent from a year ago.
Air Arabia carried 1.5 million passengers in the quarter, an increase of 11 per cent year-on-year, it said.