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UAE low cost carrier Air Arabia posts 26% rise in Q3 net profit

UAE low cost carrier Air Arabia posts 26% rise in Q3 net profit

Air Arabia had reported declining profits in four of the preceding five quarters

Budget carrier Air Arabia, the United Arab Emirates’ only publicly-listed airline, reported a 26 per cent rise in third-quarter net profit on Sunday.

The Sharjah-based firm made a net profit of Dhs297m ($80.9m) in the three months to September 30, the company said in a statement. This compares with a profit of Dhs235m in the corresponding period of 2015.

EFG Hermes and SICO Bahrain had forecast the airline would make a third-quarter profit of Dhs294.5m and Dhs209.4m respectively.

Air Arabia, which had reported declining profits in four of the preceding five quarters, carried more than 2.27 million passengers in the third quarter of 2016, an increase of 14 per cent year on year.

The airline’s third-quarter revenue was Dhs1.12bn, “in line” with the revenue generated in the same period a year earlier, it said without elaborating.

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