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- Dubai 05:28 06:47 12:13 15:10 17:33 18:51
Sharjah-based low-cost carrier Air Arabia said 2009 profit fell as sales slumped amid the financial crisis.
Net profit dropped to Dh452 million for the year ended December 31, 2009, against Dh510m for the corresponding period last year.
For the full-year 2009, the company registered a turnover of Dh2 billion, a decline of 4.5 per cent from Dh2.066bn seen in 2008.
The airline served 4.1 million passengers in 2009, an increase of 14.2 per cent compared to 3.6 million passengers in 2008. In the 12 months ending December 31, 2009, Air Arabia's average seat load factor – or passengers carried as a percentage of available seats – stood at 80 per cent.
Chairman Sheikh Abdullah bin Mohammad Al Thani said: "The previous 12 months represented one of the most challenging periods in the history of the global aviation sector, as pressure on yields rose significantly as a consequence of the financial crisis.
"The associated overcapacity in the sector led to collective losses of $11bn (Dh40.3bn) for all airlines, demonstrating the depth of the challenges facing our industry. We are confident that Middle East and North Africa is capable of leading the global recovery."
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