Abu Dhabi Aviation profit falls
Abu Dhabi Aviation said first quarter net profit fell by more than 41.4 per cent.
A slowdown in revenues and losses from the disposal of property and equipment hit earnings at the Middle East’s biggest operator of commercial helicopters.
Net profit attributable to owners of the company slipped to Dh37.6 million in the first three months of the year compared to Dh64.2m in the same period last year, the company said in a statement to the Abu Dhabi stock exchange.
Revenue fell 11 per cent to Dh392m in the quarter from Dh440m in the corresponding period last year, it said.
The company has been suffering from weakened demand for air services amid the most severe drop in the price of oil since 2008. The company has said that it is using the softening of demand for its aviation services to diversify its lines of business, adding training and real estate investment to its portfolio of activities.
Nader Al Hammadi, the company’s chairman, told The National last year that corporate travel has been the most severely affected part of Abu Dhabi Aviation’s business as companies typically save on travel during downturns.
He said that other parts of Abu Dhabi Aviation’s business, such as cargo and training, have not been as badly affected as its corporate services.