Air Arabia full-year net profit down 11.5%

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Middle Eastern budget carrier Air Arabia's full-year net profit fell 11.5% to Dhs274 million ($74.6 million) in 2011.

The carrier's revenue for the 12-month period ending 31 December increased by 16% to Dhs2.4 billion.

Passenger numbers grew 6% to 4.7 million and load factor stood at 82%.

Air Arabia took delivery of six Airbus A320s in 2011 and will take delivery of a further six this year.

In the fourth quarter of 2011, Air Arabia's net profit increased by 7% to Dhs78.7 million on a 17% revenue growth to Dhs638 million.

"The year 2011 saw ongoing political unrest in the region, as global fuel prices also surged," said Air Arabia chairman Sheikh Abdullah Bin Mohammad Al Thani.

"While these challenging market conditions continue to impact the performance of the aviation sector here in the Middle East and worldwide, we have focused more keenly than ever on ensuring the highest level of operational efficiency."