Flydubai Posts $41.4 mn Profit in 2012

Dubai's budget carrier flydubai, which began operations in 2009, said Wednesday it posted a net profit of $41.4 million in 2012, in its first-ever announced financial results.

"Net profit for the year was 151.9 million dirhams ($41.4 million)," said the sister-firm of Emirates in a statement released at a press conference, putting total revenues in 2012 at 2.278 billion dirhams ($756 million).

The no-frills airline said it carried 5.1 million passengers in 2012, out of a total of 10.4 million passengers transported since the carrier began operations.

Flydubai operates a fleet of 28 Boeing narrow-body 737-800, out of an order for 50 aircraft to be fully delivered by 2016. It flies to 52 destinations in 31 countries.

The company's chief executive officer, Ghaith al-Ghaith said flydubai became profitable in the second half of 2011.

"We moved into the black for the second half of 2011, delivering three consecutive semi-annual periods of profitable growth," he said.

Flydubai operates from Dubai International, the Middle East's busiest airport that is also base to Emirates, the region's biggest carrier.