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 of the current year, 57% lower than the corresponding period of 2019.

The losses per share settled at AED 0.04 in H1-20, against earnings per share (EPS) of AED 0.05 in H1-19.

In Q2-20, the company incurred net losses of AED 239.1 million, compared to AED 200.6 million net profits in the same quarter of 2019.

Commenting on the COVID-19 impact on the company's performance, the chairman of Air Arabia, Sheikh Abdullah bin Mohamed Al Thani, said: "Air Arabia’s robust business model allowed the management team to act fast and take necessary measures to control cost and enhance liquidity while operating a mix of commercial flights where possible."

Al Thani added: "While we started to see gradual opening of selective markets around the world, it is now clear that COVID-19 will continue to have a lasting impact on the aviation industry and the path to recovery is expected to be gradual."

It is noteworthy to mention that during the first quarter (Q1) of 2020, the company's net profits decreased to AED 70.59 million from AED 119.24 million in the same quarter of the previous year.