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Dubai: Low-cost carrier Air Arabia on Sunday reported an 81 per cent jump in its net profit to Dh78 million in the first quarter of 2008, compared with Dh43 million in the 2007 period.
The company posted a turnover of Dh383 million, up 59 per cent compared with Dh241 million in the first quarter of 2007.
The airline served 757,000 passengers, an increase of 31 per cent compared to 577,000 passengers in the 2007 period. Average seat factor (passengers carried as a proportion of available seats) stood at 85 per cent for the first quarter of 2008, up two per cent compared with 83 per cent in 2007.
Talking about the results, Adel Ali, board member and chief executive of Air Arabia, said: "The high price of oil and rising inflation is a challenge to the air transport sector across the globe. However, the rapid and strong economic growth of this region contributes to a sustained and subsequent market and travel growth."
The first quarter of 2008 was an eventful one for the region's leading LCC. In addition to purchasing two new Airbus A320 aircraft, which increased the company's fleet size to 13 planes, Air Arabia also added two new destinations in India: Kozhikode and New Delhi.
The carrier now flies to 39 destinations throughout the Middle East, North Africa, South Asia, Central Asia and Eastern Europe.
This year, Air Arabia opened a new hub in Kathmandu, Nepal. The hub is also the home of Air Arabia's newest entity FlyYeti.com, a joint venture with Yeti Airlines.
The hub and the connection of flights with FlyYeti.com will give Air Arabia's passengers access to new destinations in Southeast Asia and the Far East.
Ali added: "Our shareholders and passengers have helped make us the leader of the LCC segment in this region, and one of the fastest growing airlines in the world.
"This quarter has seen a continuation of the growth of our fleet as well as destinations, and we fully intend to continue expanding and spreading our value-for-money philosophy to more destinations and more passengers throughout the regions we serve."
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