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Air Arabia reports Record Third Quarter Net Profits

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Sharjah-based Air Arabia’s net profit for the three months ending September 30, 2008, stood at AED 214 million, an increase of 30% compared to AED 165 million during ‎the third quarter of 2007.

For the third quarter of 2008, the company posted a turnover of AED 625 million, up 69% compared to AED 369 million during the third quarter of last year. During the third quarter of 2008, the airline served 978,794 passengers, an increase of 34% compared to 729,745 passengers during the same period in 2007.

For the third quarter, Air Arabia’s average seat load factor – or passengers carried as a percentage of available seats – remained at an impressive 87%.

Adel Ali, Board Member and Chief Executive Officer of Air Arabia, said, “This quarter has been busy and special with its conclusion came the start of our five-year anniversary celebratory month. As we look ahead toward the next five years, we intend to continue in the same vein – to grow our fleet of aircraft, expand our network of destinations and continue to offer the very best value-for-money service throughout the regions we serve and beyond.”

The positive financial results for Air Arabia in the third quarter of 2008 reflect a continued upward trend for the carrier. For the first nine months of 2008, the company posted a net profit of AED 374 million, up 34% compared to AED 280 million during the same period last year. For the same period, the company posted a turnover of AED 1,495 million, up 68% compared to AED 889 million in the first nine months of 2007. In the first nine months of 2008, the airline served a total of 2,601,967 passengers, an increase of 33% compared to 1,954,982 passengers during the first nine months in 2007.

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