Huge profit drop for Emirates

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Carl Collen

BY CARL COLLEN

Huge profit drop for Emirates

Airline sees profit tumble by 75 per cent year-on-year as fuel costs rise and the group takes on larger planes

Huge profit drop for Emirates

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Leading Dubai-based airline Emirates has announced that it recorded a net profit of AED827m (US$225m) during the first six months of its current fiscal year, a drop of 75 per cent on the AED3.4bn (US$925m).

"The airline continues to be the fastest growing airline in the world and continues to make a profit despite unstable global economic, geopolitical and environmental conditions," the group said in its results release.

Emirates revenue for the six-month period, including other operating income, of AED30.3bn (US$8.3bn) was higher by 15 per cent on the AED26.4bn (US$7.2bn) recorded last year, which the group attributed to improved cargo and passenger yields based on increasing fuel prices.

"Emirates remained focused on its long-term strategy despite global instability, ever climbing fuel prices which resulted in Emirates paying US$1bn more in fuel costs over the same period last year and fluctuating exchange rates," said HH Sheikh Ahmed bin Saeed Al-Maktoum, Emirates chairman and CEO. "The global challenges of the past six months have again put Emirates to the test, and once again we have risen to the challenge and continue to maintain our high standards of product and services.

"Emirates' latest half-year performance is testament to the airline's strong business foundations and tenacity to stay on course and continue to grow despite the unsteady marketplace," he added. "We have continued to invest in our eco-efficient aircraft fleet; in strengthening our global route network; and also in supporting the infrastructure for our growing business and it continues to pay off."

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