Air Arabia gaining altitude as profits show increase
UAE low-cost airline Air Arabia yesterday announced an 11 per cent increase in its first-quarter net profits on the same period last year.
The Sharjah-based carrier said earnings hit Dhs49.2 million for the first three months of 2012, compared to the Dhs44.2 million it made in the first-quarter of 2011.
The airline’s first-quarter turnover was up by an even greater margin - rising 21 per cent year-on-year from Dhs513 million to Dhs621 million.
“Though political instability and sustained high fuel costs continue to challenge regional carriers, the appeal of air transport, and especially the low-cost model pioneered by Air Arabia remains strong,” said the airline’s chairman Sheikh Abdullah bin Mohammad Al Thani.