Air Arabia turns to losses in H1-20
Air Arabia turns to losses in H1-20
Dubai – Mubasher: Air Arabia registered net losses attributable to the owners of the company of AED 168.51 million in the first half (H1) of 2020, compared to net profits of AED 319.8 million in the same period of 2019.
The net losses are driven by the coronavirus (COVID-19) pandemic which hit the second quarter (Q2) performance due to the suspension of scheduled flights, according to the company's consolidated interim financial results for the period ended on 30 June 2020.
The revenues of the low-cost carrier reached AED 1.02 billion during the first six months of 2020, down 53% from AED 2.17 billion in the year-ago period.
The company has carried 2.48 million passengers in the January-June period
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