DUBAI: Sharjah-based budget carrier Air Arabia said on Monday its net profit surged 34 per cent on year to $31.06 million in the first three months of 2016, thanks to rising passenger numbers. The Middle East’s first and largest low-cost airline said its net profit in the first quarter hit 114 million dirhams ($31.06 million), compared to 85 million dirhams in the corresponding period last year. Revenues were seven per cent up in the same period to 946 million dirhams, while passenger numbers rose 17 per cent from last year to 2.1 million, said the carrier.