Air Arabia net profit up 26% in Q3

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Air Arabia net profit up 26% in Q3
Air Arabia added five new routes to its global network during the first nine months of 2016.

Published: Sun 13 Nov 2016, 7:14 PM

Last updated: Sun 13 Nov 2016, 9:16 PM

Air Arabia has announced net profit of Dh297 million for the third quarter of 2016, up 26 per cent compared to Dh235 million in the corresponding period of 2015.

For the three months ending September 30, 2016, the airline posted a turnover of Dh1.12 billion, in line with the revenue generated in the same period of 2015. Air Arabia served over 2.27 million passengers in the third quarter, a 14 per cent increase compared to two million passengers in the same period last year. The average seat load factor - or passengers carried as a percentage of available seats - for the same quarter stood at 81 per cent.

Shaikh 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."

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 the region and our ability to continue with our growth plans."

The carrier added five new routes to its global network during the first nine months of 2016 from its operating hubs in the UAE, Morocco and Jordan.

- business@khaleejtimes.com

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