Abu Dhabi – Mubasher: Abu Dhabi Aviation Co, in which the Abu Dhabi government owns 30% stake, on Wednesday posted a 20% year-on-year growth in profits for the fourth quarter of 2017.

Net profit stood at AED 62.5 million ($17 million) in Q4-17, compared to AED 52 million ($14.15 million) in the same period a year earlier, the company said in a filing to the Abu Dhabi Securities Market (ADX).

Meanwhile, net profit rose 1.30% to AED 284.055 million in 2017, versus AED 280.40 million the year before.

Profits for the year attributable to the company’s owners fell 6% to AED 244 million in 2017 as operating profit dropped 19% to AED 393.746 million from AED 486.328 million in 2016.

Revenues plunged 10% to AED 1.612 billion in 2017, compared to AED 1.80 billion the previous year.