Gulf low-cost carrier (LCC) Air Arabia reported a first-quarter net profit of AED103 million ($28 million), down 10% compared to net profit of AED114 million in the 1Q 2016. Revenue for the quarter was AED810 million, down 14% year-over-year. The airline said the results exceeded analysts’ expectations, but it had felt the effects of the global squeeze on yields. Nevertheless, the LCC had continued to enjoy strong passenger demand and had benefited from cost-control measures already ...

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