Air Arabia, the UAE's only listed carrier, reported a net loss of Dh169 million in the first half of the year due to flight suspensions triggered by the Covid-19 pandemic in the second quarter.
The Sharjah-based airline's revenue in the first six months of the year to June 30, plunged 53 per cent to Dh1.02 billion year-on-year as passenger traffic at its four hubs more than halved.
Air Arabia carried 2.48 million passengers from its hubs in Sharjah, Ras Al Khaimah, Morocco, and Egypt during the first half, a 57 per cent drop from the year-earlier period.
“Air Arabia started the year 2020 with strong performance promising another year of growth and profitability. However, the unprecedented impact of Covid-19 left airlines worldwide battling the strongest challenge in its history," Sheikh Abdullah Bin Mohamed Al Thani, chairman of Air Arabia, said. The full impact of Covid-19 on airline operations was fully materialised in the second quarter as a result of border closures and flights suspension across all key markets."
The budget carrier's operations in the second quarter were limited to repatriation, charter, and cargo flights after the UAE suspended scheduled passenger flights to curb the spread of the virus.
The second quarter saw the most severe impact of the coronavirus crisis on airline operations, Air Arabia said.
The carrier posted a net loss of Dh239m in the three months to June 30 as quarterly revenue fell to Dh120m, down from Dh1.14bn in the same period last year.
The budget carrier took measures to reduce costs and preserve liquidity amid the pandemic. These included deferred cost and capital expenditure, workforce restructuring and cost rationalisation.
In May, Air Arabia said it is reducing its workforce by about three per cent, joining global carriers in taking measures to cope with the plunge in air traffic demand, due to the Covid-19 pandemic. The carrier, which has about 2,000 employees in total, cut 57 jobs, it said at the time.
“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,” Mr Al Thani said. “These early measures have resulted in preserving cash and limiting the net loss of the first half to acceptable levels, while still being able to mobilise people during this intricate time and support repatriation efforts.”
The global aviation industry’s prospects “remain strong” as airlines play a key role in the global economic recovery, the airline’s chairman said.
Even as some markets around the world gradually re-open, the pandemic will have a “lasting impact” on the aviation industry with recovery expected to be gradual, he said.
“At Air Arabia, while we remain in a strong position weathering the Covid-19 impact, we continue to look at this challenge with a long-term view keeping business continuity as the prime focus,” Mr Al Thani said.
Currently, Air Arabia operates a mix of scheduled, repatriation, charter and cargo flights across its hubs.
Last month, Air Arabia Abu Dhabi, the UAE capital’s first low cost carrier, began operations from its base at Abu Dhabi International Airport.
Middle East air passenger traffic is expected to fall about 56 per cent, or by more than 113 million passenger journeys, and demand is not expected to return to pre-coronavirus levels until 2024, the International Air Transport Association said in its revised five-year forecast last month.
Passenger demand, which is measured in revenue passenger kilometres – an industry metric that shows the distance travelled by paying passengers – is down by about 60 per cent, Muhammad Albakri, Iata’s regional vice president for Africa and the Middle East, said on July 28.
Globally, the number of flights fell by 50 per cent in late July, compared to the early January period. The number of flights dipped by 80 per cent in April – the lowest point so far. In the Middle East, flights were down about 70 per cent, compared to the beginning of the year, Iata said.
Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Killing of Qassem Suleimani
Meydan race card
6.30pm: Maiden; Dh165,000; (Dirt) 1,200m
7.05pm: Handicap; Dh170,000; (D) 1,200m
7.40pm: Maiden; Dh165,000; (D) 1,900m
8.15pm: Handicap; Dh185,000; (D) 2,000m
8.50pm: Handicap; Dh185,000; (D) 1,600m
9.25pm: Handicap; Dh165,000; (D) 2,000m
Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
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Company%20profile
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World Cricket League Division 2
In Windhoek, Namibia - Top two teams qualify for the World Cup Qualifier in Zimbabwe, which starts on March 4.
UAE fixtures
Thursday February 8, v Kenya; Friday February 9, v Canada; Sunday February 11, v Nepal; Monday February 12, v Oman; Wednesday February 14, v Namibia; Thursday February 15, final
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
UAE currency: the story behind the money in your pockets
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Tips%20for%20travelling%20while%20needing%20dialysis
%3Cul%3E%0A%3Cli%3EInform%20your%20doctor%20about%20your%20plans.%C2%A0%3C%2Fli%3E%0A%3Cli%3EAsk%20about%20your%20treatment%20so%20you%20know%20how%20it%20works.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPay%20attention%20to%20your%20health%20if%20you%20travel%20to%20a%20hot%20destination.%C2%A0%3C%2Fli%3E%0A%3Cli%3EPlan%20your%20trip%20well.%C2%A0%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
Opening weekend Premier League fixtures
Weekend of August 10-13
Arsenal v Manchester City
Bournemouth v Cardiff City
Fulham v Crystal Palace
Huddersfield Town v Chelsea
Liverpool v West Ham United
Manchester United v Leicester City
Newcastle United v Tottenham Hotspur
Southampton v Burnley
Watford v Brighton & Hove Albion
Wolverhampton Wanderers v Everton
Killing of Qassem Suleimani
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Eco%20Way%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20December%202023%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Ivan%20Kroshnyi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Electric%20vehicles%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Bootstrapped%20with%20undisclosed%20funding.%20Looking%20to%20raise%20funds%20from%20outside%3Cbr%3E%3C%2Fp%3E%0A
How to help
Donate towards food and a flight by transferring money to this registered charity's account.
Account name: Dar Al Ber Society
Account Number: 11 530 734
IBAN: AE 9805 000 000 000 11 530 734
Bank Name: Abu Dhabi Islamic Bank
To ensure that your contribution reaches these people, please send the copy of deposit/transfer receipt to: juhi.khan@daralber.ae
