UAE-based low-cost carrier Air Arabia said its first-quarter net profit fell 51 percent to AED50 million ($13.62 million) due to an increase in fuel price and continued pressure on yield margins.
"The lingering impact of the global financial crisis and the rise in fuel cost continues to affect the profitability of airlines worldwide," the firm’s Chief Executive Adel Ali said in a statement on Thursday.
Air Arabia made a net profit of AED103 million in the same quarter last year.
