Air Arabia Announces first quarter Net profit 81 percent

May 12, 2008 by economist
Filed under: World Business

Air Arabia (PSJC), the first and biggest low-cost carrier (LCC) in the Middle East and North Africa, today issued its economic outcomes for the first quarter of the year finish March 31, 2008. The airline’s snare earnings for the first quarter of 2008, stood at AED 78 million, an boost of 81 percent contrasted to AED 43 million for the first quarter of 2007.

During the first quarter of 2008, the business dispatched a revenue of AED 383 million, up 59 percent contrasted to AED 241 million throughout the first quarter of 2007. The airline assisted 757,000 travellers for the first quarter of 2008, an boost of 31 per cent contrasted to 577,000 travellers throughout the identical time span in 2007. Average chair component — travellers conveyed as a percentage of accessible chairs - stood at 85 percent for the first quarter of 2008, up 2 per cent contrasted to 83 percent in first quarter of 2007.

Adel Ali, Board Member and Chief Executive Officer of Air Arabia, said: “We are immensely pleased of our long record of profitability and high accomplishment, and we gaze ahead to proceeded affirmative comes back and high earnings in the time to come. The high and doubt of oil charges as well as expanding inflation rates places added dispute on air transport part over the globe, but the fast and powerful financial development of this district assists to a maintained and subsequent market and journey growth”.

The first quarter of 2008 was an eventful one for the region’s premier LCC. In supplement to buying two new Airbus A320s airplane, which expanded the company’s fleet dimensions to 13 planes, Air Arabia furthermore supplemented two new destinations in India: Kozhikode (formerly renowned as Calicut) and New Delhi. The carrier now soars to a class-leading 39 destinations all through the Middle East, North Africa, South Asia, Central Asia and Eastern Europe.

During the first quarter of 2008, Air Arabia furthermore opened its new hub in Kathmandu, Nepal. The hub is furthermore the dwelling of Air Arabia’s newest junction project, FlyYeti.com, a junction project with Yeti Airlines. The hub in Kathmandu and the attachment of air journey with FlyYeti.com, will give Air Arabia’s travellers get access to to new destinations in South East Asia and the Far East, all with the identical high value of service and comparable fares they have arrive to identify as being integral to Air Arabia.

Ali added: “Our shareholders and travellers have assisted make us the foremost of the LCC segment in this district, and one of the fastest growing airlines in the world. This quarter has glimpsed a continuation of the development of our fleet as well as destinations and we completely propose to extend increasing and dispersing our worth for cash beliefs to more destinations and more travellers all through the districts we assist, and to more districts in the future.”

About Air Arabia: Air Arabia (PJSC), recorded on the Dubai Financial Market, is the Middle East and North Africa’s premier low-cost carrier (LCC). Air Arabia commenced procedures in October 2003 and actually functions a fleet of 14 new Airbus A320 airplane, assisting 39 destinations over the Middle East, North Africa, Indian Subcontinent and Central Asia through its major hub in Sharjah, United Arab Emirates.

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