Air Arabia profits up 11% in Q1 2012

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Middle Eastern low-cost carrier Air Arabia posted net profits of 49.2 million dirham ($13.4 million) in the first quarter of 2012, marking year-on-year growth of 11%.

The airline's turnover for the three months to 31 March increased 21% to 621 million dirham.

Passenger numbers for the airline grew 7% during the quarter to 1.23 million, alongside a load factor of 82%.

The airline's chairman, Sheikh Abdullah Bin Mohammad Al Thani, notes that the growth was achieved despite regional political instability and sustained high fuel costs.

"As these results make clear, Air Arabia remains on a path of steady upward growth," he says. "Air Arabia will continue to enter into new markets and to launch new ventures in 2012."