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UAE's Air Arabia Q2 net profit more than doubles
August 9, 2014 / 9:06 AM / 3 years ago

UAE's Air Arabia Q2 net profit more than doubles

DUBAI, Aug 9 (Reuters) - 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 percent to 915 million dirhams, it said in a statement.

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

Sharjah-based Air Arabia is the only publicly listed carrier operating out of the United Arab Emirates, home to Dubai government-owned Emirates and Abu Dhabi’s Etihad Airways. ($1 = 3.6730 United Arab Emirates Dirhams) (Reporting by Praveen Menon; Editing by Alison Williams)

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