UAE-based LCC Air Arabia (PJSC) has made a H1 loss of AED 169 million ($46 million) due to the ongoing impact of COVID 19.
The company’s turnover for the first six months of 2020 registered AED 1.021 billion, a drop of 53% compared to AED 2.173 billion in the corresponding period last year. Air Arabia served a total 2.48 million passengers from all its four hubs in the first half of 2020, a drop of 57 per cent compared to first half of 2019.
“The first half 2020 results were largely driven by the second quarter that witnessed the most severe impact of COVID-19 on airlines operation. Regular flight schedule was affected by airport closures and suspension of flights. Operations during the second quarter relied by large on repatriation, charter, and cargo flights.
This resulted in lower revenues for the second quarter reaching AED 120 million and consequently impacting the second quarter profitability to a net loss of AED 239 million,” Air Arabia said in a statement.