Air Arabia, the first and largest low-cost carrier in the Middle East and North Africa, reported a fall in its first quarter profit for the year 2011. This is seen to be a result of the rising oil prices, escalating tensions across the Arab world; impacting the aviation industry.
The Sharjah based airline made a net profit of Dh 44.2 million in the first quarter this, which is 12 percent less compared to the Dh 50 million made on the same phase in 2010.
Air Arabia operates service to 67 destinations from three regional hubs; over the last 12 months, Air Arabia has been recognized for the excellence of its operations, including being named ?Low- Cost Airline of the Year? at the prestigious Aviation Business Awards. The carrier is also recognized as the ?Best Low- Cost Airline? at the Business Traveller Awards Middle East, the ?Middle East?s Leading Low- Cost Airline? for the third consecutive year at the World Travel Awards, and is also the ?Best Managed Company in the Middle East- Airlines and Aviation? by Euromoney.