Saturday, 07 November 2015 16:06
DUBAI: Air Arabia, the United Arab Emirates’ only publicly listed airline, reported a 6-percent fall in third-quarter net profit on Saturday, missing analysts’ forecasts.
Net profit fell to 235 million UAE dirhams ($ 64 million) for the three months to Sept. 30 from 251 million a year earlier, the Sharjah-based budget carrier said in a statement. Three analysts surveyed by Reuters had expected a profit of 300 million.
It carried more than two million passengers in the third quarter, up 18 percent year on year, while revenue rose by 6 percent to 1.1 billion dirhams, it said.
Air Arabia’s profit for the first nine months of the year reached 472 million dirhams, down 5 percent from a year earlier.
Air Arabia’s chief executive in September warned there could be extended impact from fuel hedges contracted prior to the steep drop in oil prices.
