| Kippreport.com

Air Arabia CEO says Q3 earnings to top forecasts

November 8, 2010 12:20 by Reuters

Air Arabia expects its third-quarter results to be “good” and beat analysts’ expectations, the lowcost carrier’s group chief executive told reporters on Monday.

“Good. Better than expecations,” said Adel Ali, when asked about his expecations for the quarterly results.

Seven analysts forecast average profit of 90.99 million dirhams, according to a Reuters survey in October.

Ali also said he expected the launch of the carrier’s fourth hub in Jordan to take place in 2011, without elaborating.

The carrier has ordered 44 aircraft valued at $3.6 billion with 43 yet to be delivered.

“One aircraft will come before the end of the year (2010),” he said, adding: “We have a deal for four airplanes with (export credit financing) at $160 million with the Bank of Japan.”

(Reporting by Tamara Walid and Nicolas Parasie)

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