Air Arabia posts Q3 loss, says in “sound” liquidity position
The carrier said it has Dh3.9 billion in available funds
Dubai: Budget carrier Air Arabia on Wednesday reported a loss for the third-quarter, compared to a profit a year earlier, as COVID-19 continued to hit global air travel demand.
The airline posted a net loss of Dh44 million for the three-month period ended September 30, compared to a profit of Dh471.25 million in the same period last year.
Meanwhile, revenue plunged nearly 80 per cent year-over-year to hit about Dh294 million in the quarter.
UAE’s airlines have been reeling from the impact of the pandemic, which led to the closure of international borders and grounding of fleets.
“The group is closely monitoring the situation and has activated its business continuity plan and other risk management practices to manage the business disruption resulted from the COVID-19 outbreak in order to boost the liquidity and sustain the business,” the company’s statement said.
The airline, which has implemented salary and job cuts over the past few months, said it had a “sound” liquidity position with Dh3.9 billion in available funds.