Abu Dhabi Aviation profits down 41% in first quarter

Dubai: Abu Dhabi Aviation reported on Thursday a 41 per cent decline in its net profit attributable to owners for the first quarter of 2017, reaching Dh37.6 million from Dh64.2 million in the same quarter of 2016.

Revenues also declined, reaching Dh392 million in the first quarter of 2017 from Dh439.8 million in the first quarter of 2016.

The company said it “faced significant challenges as a result of the global economic slowdown and falling oil prices where clients negotiated down their contracts and reduced the scope of work”.