Budget carrier Air Arabia swings to Q4 net loss

Budget carrier Air Arabia , the UAE’s only publicly-listed airline, swung to a fourth-quarter net loss on Thursday, according to Reuters calculations.

The Sharjah-based firm made a net loss of $10.51 million (38.6 million dirhams) in the three months to Dec. 31. This compares with a profit of 55.9 million dirhams in the corresponding period of 2015.

Reuters calculated based on financial statements in lieu of a quarterly breakdown.

EFG Hermes and SICO Bahrain had forecast the airline would make a fourth-quarter profit of 131.8 million dirhams and 127.9 million dirhams respectively.

Air Arabia's 2016 net profit was 490.4 million dirhams, down from 511.3 million dirhams a year ago, a bourse statement said.

The company said its board recommended a dividend of 7 percent for 2016.