Low cost carrier Air Arabia (AIRA.DU) posted a 14.6 percent drop in first-quarter net profit on Wednesday, missing estimates, as rising fuel costs continue to challenge regional carriers.
Air Arabia earned a net profit of 42.7 million dirhams ($11.63 million) for the first-quarter of 2011, down from 50 million dirhams it reported during the same period in 2010, it said in a statement.
Five analysts forecasted an average net profit of 49.6 million in a Reuters survey in April.
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