Abu Dhabi Aviation, which operates a commercial fleet of helicopters, said its net profit for the three months to the end of June was up by 16.4 per cent, at just under Dh75 million. The net profit increase came despite a decline in revenue of about 10 per cent, to Dh468m, for the quarter as the company cut general expenses and financing costs.
For the first six months of the year revenue was down about 5 per cent, at Dh908m, while profit attributable to the company’s owners was up by about 8 per cent, at Dh139m.
The company did not provide any management commentary, but the segment breakdown shows the main operating unit, its charter business, held up fairly well in the first half of the year, with revenue dropping about 4 per cent to Dh405m, while in the commercial segment, which includes fleet management, revenue plummeted by 21 per cent to Dh187m, compared with the first half last year.
The air cargo business reported an increase in revenue and gross profit, up by 6 per cent at Dh317m and up by 34 per cent at Dh75m, respectively.
The company’s chairman, Nader Al Hammadi, said this year the cyclical nature of its oil-related and commercial charter business had led it to diversify into training, with a new facility due to be completed at Khalifa City, as well as a growing investment portfolio.
The company also said in the spring that it had applied for an operating licence for Saudi Arabia.
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