Air Arabia first quarter profit sinks 45% on coronavirus - Reuters:
Middle East budget carrier Air Arabia (AIRA.DU) reported a 45% fall in first quarter profit on Thursday, blaming the coronavirus pandemic that has crushed travel demand.
The United Arab Emirates’ only listed airline made 71 million dirhams ($19.3 million) in the three months to March 31, compared to 128 million dirhams a year earlier, it said in a statement.
Revenue fell 12% to 901 million dirhams and quarterly passenger traffic declined 14% to 2.4 million.
The airline recorded a strong start to the year but the coronavirus outbreak impacted overall performance in the first three months of the year, Chairman Sheikh Abdullah Bin Mohamed al-Thani said.
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