Mubasher: Air Arabia posted a 10% decline year-on-year in its profits during the first quarter of 2017, according to a statement.
Net profits reached AED 103 million Q1-17, compared to AED 114 million in Q1-16.
The airline’s turnover declined 14% year-on-year to AED 810 million in the three-month period ended 31 March 2017.
“The solid financial results were recorded amidst the continuous drop in the yield margins that the industry witnessed in the first quarter of this year; and were backed by Air Arabia’s strong passenger demand, as well as cost control measures taken by the carrier,” the airline added in the statement.
More than 2.1 million passengers flew with the airline in the first three months of 2017, in line with the number recorded in the prior-year period.
“We remain confident of the growth prospects of the low cost travel segment in the region,” according to the airline’s chairman Abdullah bin Mohamed Al Thani.
“We believe the market’s economic and trading conditions are on an improving trajectory, and we are optimistic that this will reflect positively on the industry’s performance for the rest of the year,” he added.
