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Sunday, 7 May 2017

Air Arabia profit down 10% to Dh103m | GulfNews.com

Air Arabia profit down 10% to Dh103m | GulfNews.com:

"Air Arabia, the Sharjah-based carrier, reported on Sunday Dh103 million in net profit for the first quarter of 2017, marking a 10 per cent drop over the Dh114 million recorded in the same period in 2016. In a statement, Air Arabia said it posted a first-quarter turnover of Dh810 million, a 14 per cent decline over the first quarter in 2016. The airline said the decline came amid a drop in yield margins across the industry over the first three months of the year. The profits for the first quarter, though lower year-on-year, are a turnaround from the Dh38.6 million in losses recorded by the carrier in the fourth quarter of 2016. The loss at the time came well below market expectations, with the consensus being for a fourth quarter profit of Dh57 million. Air Arabia attributed the results to challenges in the global aviation market."



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