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Mon 8 Nov 2010 03:21 PM

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Air Arabia CEO says Q3 earnings to top forecasts

Adel Ali expects launch of the carrier's fourth hub in Jordan to take place in 2011

Air Arabia CEO says Q3 earnings to top forecasts
NEW HUB: Adel Ali expects launch of the carriers fourth hub in Jordan to take place in 2011 (ITP Images)

Air Arabia expects its
third-quarter results to be "good" and beat analysts'
expectations, the lowcost carrier's group chief executive told
reporters on Monday.

"Good. Better than expecations," said Adel Ali, when asked
about his expecations for the quarterly results.

Seven analysts forecast average profit of AED90.99m, according to a Reuters survey in October.

Ali also said he expected the launch of the carrier's fourth
hub in Jordan to take place in 2011, without elaborating.

The carrier has ordered 44 aircraft valued at $3.6 billion
with 43 yet to be delivered.

"One aircraft will come before the end of the year (2010),"
he said, adding: "We have a deal for four airplanes with (export
credit financing) at $160 million with the Bank of Japan."

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