Air Arabia, a leading low cost carrier based in Sharjah, said its net profit for the first nine months of this year stood at Dh337 million ($92 million), up six per cent compared to Dh318 million for the same period last year.

Announcing the results for the nine-month period ending September 30, 2009, Adel Ali, board member and Group chief executive officer of Air Arabia, said during the first nine months of 2009, the company registered a turnover of Dh1.47 billion, two per cent lower than Dh1.49 billion recorded during the same period last year.

The airline served more than 2.96 million passengers during the first nine months of 2009, posting an increase of 14 per cent compared to 2.6 million passengers during the same period last year, he noted.

Air Arabia’s average seat load factor – or passengers carried as a percentage of available seats – for the first nine months of 2009 stood at a strong 79 per cent, he added.

According to Ali, the positive results demonstrated the long-term sustainability of its business model and appeal of its low-cost services at a time when the global aviation sector is witnessing unprecedented financial challenges.

“At a time when the worldwide airline industry is projected to witness collective annual losses approaching $11 billion, we are pleased to announce results for the first nine months of this year that continue to exceed expectations, demonstrating our positive performance amidst extremely challenging conditions,” he remarked.

“While the challenges that lie ahead, especially in the short term, remain significant, we are convinced that Air Arabia will continue to serve as the preferred value-for-money choice for passengers seeking to travel in the Mena, Europe and Asia,” Ali said.

“We continue to demonstrate strong financial performance, meeting our own internal forecasts and consistently outperforming the market,” he added.

Air Arabia’s net profit for the three months ending September 30, 2009, stood at Dh144 million, a decline of nine per cent compared to Dh158 million for the same period in 2008, excluding exceptional items.

Passenger traffic in the third quarter of 2009 was impacted by the seasonality of the Holy month, concerns related to the H1N1 virus and the continuing consequences of the global continuous financial downturn, the company chief said.-TradeArabia News Service