Air Arabia Returns to Quarterly Profit as Revenue Tops Estimates
(Bloomberg) -- Air Arabia PJSC returned to profit in the first quarter after impairments for exposure to private equity firm Abraaj resulted in the airline reporting a full-year loss in 2018.
Net income for the quarter climbed to 128 million dirhams ($35 million) from 110 million dirhams a year ago, the Sharjah, United Arab Emirates-based airline said in a statement, without specifying if the numbers included minority interests. Revenue rose 17 percent to 1.03 billion dirhams, topping analysts estimates.
Read More: Air Arabia Posts First Yearly Loss on Hit by Abraaj Exposure
- Average seat load factor, or passengers carried as a percentage of available seats, up at 84%
- Chairman Sheikh Abdullah Bin Mohamed Al Thani: "We are confident of the long-term fundamentals of the aviation sector in the region, and the increased demand for affordable air travel"
- Added new routes and frequencies in 1Q across hubs and drove cost margins lower
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