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Tue 12 Nov 2013 10:47 AM

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UAE's Air Arabia posts 9% drop in Q3 net profit

Budget carrier cites seasonal slowdown in travel for performance although revenue rises 6%

UAE's Air Arabia posts 9% drop in Q3 net profit
Air Arabia

Budget carrier Air Arabia, the UAE's only publicly listed carrier, reported a 9 percent drop in third-quarter net profit on Monday, missing analyst forecasts.

The Sharjah-based carrier made a net profit of AED206m ($56 million) in the third quarter, compared with AED226m in the corresponding period in 2012, the company said in an emailed statement.

Three analysts polled by Reuters had forecast profit of AED241.3m 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 AED854m, an increase of 6 percent from a year ago.

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

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