Air Arabia reports a drop in Q1 profits
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Sharjah-based low-cost airline Air Arabia has reported a drop in Q1 profits compared to 2010.The figure for the quarter stood at AED 44.2 million, a drop of 12 percent compared to AED 50 million in the corresponding period in 2010. The airline posted turnover of AED 513 million, an increase of six percent compared to AED 482 million in the same period of 2010.The airline served 1.2 million passengers during the period, an increase of 11 percent compared to 1.03 million passengers in 2010. Its average seat load factor stood at an impressive 85 percent, and increase of six percent compared to the same period in 2010.”We are satisfied with our results for the first quarter of this year that is in line with our expectations, given the region’s uncertainty that has adversely affected the sector,” said Sheikh Abdullah Bin Mohammad Al Thani, chairman of Air Arabia. “Though the region has clearly shown positive signs indicating the emergence from the more serious effects of the global financial downturn, the rise in fuel costs continues to challenge regional carriers. Despite this, Air Arabia has shown strong resilience and remains on a path of steady growth.”As we continue to build on the success of the airline’s expansion strategy into new markets in Europe, Africa and Asia, Air Arabia remains committed to expanding the size and capacity of its fleet, while providing its customers the best value for money.”
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