Air Arabia’s quarterly profit falls, but beats forecasts

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Air Arabia, the low-cost carrier based in Sharjah, flew past most analysts’ profit expectations for the latest quarter even as it reported double-digit declines for both the three months and the full year.

As the heavy weather continued for the airline industry, the carrier said its net profit fell 15.2 per cent in the fourth quarter of last year and by 11.3 per cent, by Reuters’ calculations, for the latest year.

“The previous 12 months represented one of the most challenging periods in the history of the global aviation sector, as pressure on yields increased significantly as a consequence of the worldwide financial crisis,” said Sheikh Abdullah bin Mohammad Al Thani, the chairman of Air Arabia.