Middle East budget carrier Air Arabia reported a 45 percent fall in first quarter profit on Thursday, blaming the coronavirus pandemic that has crushed travel demand.
The United Arab Emirates’ only listed airline made 71 million dirhams ($19.3 million) in the three months to March 31, compared to 128 million dirhams a year earlier, it said in a statement.
Revenue fell 12 percent to 901 million dirhams and quarterly passenger traffic declined 14 percent to 2.4 million.
The airline recorded a strong start to the year but the coronavirus outbreak impacted overall performance in the first three months of the year, Chairman Sheikh Abdullah Bin Mohamed
al-Thani said.
Headquartered at Sharjah airport in the UAE, Air Arabia also operates hubs in UAE emirate Ras Al Khaimah and in Egypt and Morocco.
Air Arabia laid off dozens of employees in the first quarter, blaming the impact of the virus, and warned the pending launch of its joint venture airline with Etihad Airways in Abu Dhabi was dependent on market conditions.
Read more:
Coronavirus: Air Arabia runs free repatriation flights for UAE nationals in Pakistan
Coronavirus: Emirates announces flights between Dubai, UAE and 9 cities from May 21
Coronavirus: Emirates airline announces limited passenger flights into Dubai, UAE
Also Read
-
US airlines tell crews not to force passengers to wear masks amid coronavirus crisis
The top three US airlines have told their flight attendants not to force passengers to comply with their new policy requiring face coverings, just ... Coronavirus -
Coronavirus: EU to recommend airlines offer vouchers valid for at least a year
EU airlines and travel companies should offer vouchers for flights and holidays cancelled due to the coronavirus that are valid for at least 12 months ... Coronavirus -
Coronavirus: Indonesia finalizing $1 billion bailout for flag carrier airline
Indonesia is finalizing a $1 billion financial bailout plan for its flag carrier to help it stave off a debt default after the coronavirus crisis ... Economy -
Coronavirus: Latin America’s second-biggest airline Avianca files for bankruptcy
Avianca Holdings, Latin America's No. 2 airline, filed for bankruptcy on Sunday, as a bond payment deadline loomed and with pleas for aid from ... Coronavirus
