Air Arabia Q3 Net Profit Drops 9%

Budget carrier Air Arabia, United Arab Emirates’ only publicly listed carrier, reported a nine per cent drop in third-quarter net profit on Monday, missing analyst forecasts.

The Sharjah-based carrier made a net profit of Dhs206 million ($56 million) in the third quarter, compared with Dhs226 million in the corresponding period in 2012, the company said in an emailed statement.

Three analysts polled by Reuters had forecast profit of Dhs241.3 million for the quarter.

The low-cost carrier cited a seasonal slowdown in travel during Ramadan, the Muslim holy month of fasting, which was from July to August this year.

Revenue reached Dhs854 million, an increase of six per cent from a year ago.

Air Arabia carried 1.5 million passengers in the quarter, an increase of 11 per cent year-on-year, it said.