Air Arabia, the Middle East's biggest low cost carrier, dropped to a record after it reported yesterday a 12 per cent decline in profits for the quarter.
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Last Updated: May 05, 2011
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Shares of the airline dropped 2 per cent to 72 fils on the Dubai bourse at 10:47am. The emirate's benchmark, the Dubai Financial Market General Index declined 0.5 per cent.
The company released its financial statements for the quarter. Net income was at Dh42.7 million, down from Dh49.6 million a year earlier.
The Abu Dhabi Securities Exchange General Index was down 0.1 per cent to 2697.07 points. Aldar Properties was down 2.5 per cent to Dh1.55, the developer is expected to report its financial results for the quarter today following the board of directors meeting scheduled to take place after the market close.
Elsewhere in the region, Kuwait's measure was up 0.2 per cent to 6518.40. Bahrain's measure was down 0.1 per cent to 1394.13. Oman's index was unchanged at 6326.09. Qatar's benchmark lost 0.1 per cent to 8477.28. The Saudi Tadawul All-Share Index was closed for the weekend.
