Middle East budget carrier Air Arabia recorded a 52 per cent drop in first quarter profit as revenue fell amid tight restrictions on air travel due to the Covid-19 pandemic.
Net profit fell to Dh34 million in the first three months of 2021, compared to Dh71m in the same period last year, Air Arabia said in a statement on Sunday. First quarter revenue declined 37 per cent year-on-year to Dh572m.
"We are proud that Air Arabia managed to post another profitable quarter despite the continued impact of the Covid-19 pandemic on the aviation industry worldwide," Sheikh Abdullah Al Thani, chairman of Air Arabia, said.
"Although the tightened restrictions on air travel continued in first quarter of this year, the gradual resumption to selected destinations combined with cost control measures ... helped to deliver profitability during the first quarter of this year”.
The UAE's only listed airline carried more than 1.3 million passengers in the first three months of this year across its five hubs, down from 2.4 million passengers in the same quarter a year ago.
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