Budget carrier Air Arabia, the United Arab Emirates' only publicly-listed airline, reported a 19.2 percent rise in second-quarter net profit on Tuesday. The Sharjah-based airline made a net profit of 150.7 million dirhams ($41.03 million) attributable to the owners in the three months to June 30, according to the financial statement posted to the Dubai bourse on Tuesday. This compares with a 126.4 million dirhams profit in the corresponding period of 2016.

EFG Hermes and SICO Bahrain had forecast the airline to post a second-quarter profit of 95.9 million dirhams and 96.3 million dirhams, respectively. The airline's second-quarter revenue was 906 million dirhams, compared with 894 million dirhams in the same period a year earlier.

Air Arabia said in a statement on Monday that net profit had risen 21 percent to 158 million dirhams. This figure includes profit attributable to 'non-controlling interests,' according to the financial statement. Air Arabia has been affected by the ban imposed in June by the UAE, Saudi Arabia, Egypt and Bahrain on flights to and from Qatar. Air Arabia said it carried 2.05 million passengers in the second quarter with an average load factor - or the number of seats filled - of 79 percent.

Copyright Reuters, 2017