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Sat 9 Aug 2014 05:25 PM

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UAE's Air Arabia says Q2 net profit more than doubled

Budget carrier served over 1.6m passengers during the quarter, an increase of 8% year-on-year

UAE's Air Arabia says Q2 net profit more than doubled
Air Arabia

UAE-based budget carrier Air Arabia reported on Saturday that its second-quarter net profit more than doubled, beating analyst forecasts, as passengers numbers increased and the airline manages costs.

The airline said it has a second quarter net profit of AED173 million ($47.1 million) for the quarter ended June 30, up from AED76 million in the corresponding period in 2013.

Analysts polled by Reuters had forecast profit of AED123.1 million for the period.

Revenue for the quarter rose 15 percent to AED915 million, it said in a statement.

The airline served over 1.6 million passengers in the quarter, an increase of 8 percent year-on-year.

Sharjah-based Air Arabia is the only publicly listed carrier operating out of the United Arab Emirates, home to Dubai government-owned Emirates and Abu Dhabi's Etihad Airways.

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