Arabia net income soars despite fuel price hike

Middle East's biggest budget carrier Air Arabia said Saturday its net income in 2012 soared to 115.9 million U.S. dollars, a 13 percent increase year on year, local media reported. Sharjah-based Air Arabia achieved the profit increase despite a sharp rise in oil prices by expanding its global network, taking more aircraft deliveries as well as offering its customers wider product offerings and services. Its seat load factor reached 82 percent last year. Air Arabia, operates flights to 82 destinations and introduced nine new destinations in 2012, is expected to take delivery of another six new aircraft in 2013.  Its shares, listed at the Dubai Financial Market, gained 48 percent in value in the last 12 month.