Air Arabia’s Q2 Net Profit More Than Doubles

11.08.2014 Aviation
Air Arabia’s Q2 Net Profit More Than Doubles

Air Arabia’s Q2 Net Profit More Than Doubles

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United Arab Emirates-based budget carrier Air Arabia reported on Saturday that its second-quarter net profit more than doubled, beating analyst forecasts, as passengers numbers increased and the airline manages costs.

The airline said it has a second quarter net profit of 173 million dirhams ($47.1 million) for the quarter ended June 30, up from 76 million dirhams in the corresponding period in 2013.

Analysts polled by Reuters had forecast profit of 123.1 million dirhams for the period.

Revenue for the quarter rose 15% t to 915 million dirhams, it said in a statement.

The airline served over 1.6 million passengers in the quarter, an increase of 8% year-on-year.

Air Arabia is a low-cost airline with its head office in the Sharjah Freight Center, Sharjah International Airport, in Sharjah, United Arab Emirates.

The airline operates scheduled services to 51 destinations in the Middle East, North Africa, the Indian subcontinent, Central Asia and Europe to 22 countries from Sharjah, 28 destinations in 9 countries from Casablanca, Fez, Nador, Tangier and Marrakesh and 6 destinations in 4 countries from Alexandria.

Its main base is Sharjah International Airport. What distinguishes Air Arabia from many low cost carriers is that it offers connections to many flights at its base in Sharjah. Air Arabia also has focus cities in Alexandria and Casablanca.

Air Arabia is a member of the Arab Air Carriers Organization.

 

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