Dubai-based airliner flydubai has announced a loss of US$86.3 million for the period ending 30 June 2018 as fuel hikes cause the airline sector to stutter.
Ghaith Al Ghaith, Chief Executive Officer at flydubai, said: “In its first nine years of operation much has been achieved to firmly establish flydubai as an intrinsic part of the aviation industry.
“We have continued to see a tough trading environment and the Half-Year Results reflect these short-term challenges.
“We continue, however, to invest in our fleet, network and operations recognising opportunity as we look to the future.”
Despite seeing an overall growth in revenue, flydubai still made a loss overall, however, executives at the Dubai liner foresee a quick turnaround in fortunes.
Arbind Kumar, Senior Vice President, Finance at flydubai, said: “We have seen good growth in our revenue during the first six months of this year.
“We remain focused on the three priorities we had previously set: to improve our cost performance, broaden our distribution and optimise our network whilst keeping our cost management plan under constant review.
“The stronger dollar, rising oil price and higher interest rates are expected to continue to impact our performance and we will need to maintain a tight grip on the deployment of our capacity.
“The benefits of our investments, aligned to our long-term financial goals, provide a solid foundation for the next phase of development for the airline.”
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