Dubai-based Emirates Group has announced that it achieved record results through 2010/11, with group profit up 42.9 per cent to AED5.9bn (US$1.6bn), aided by an increase in Emirates Airline profit to AED5.4bn (US$1.5bn).
It marked a 23rd consecutive year of profit, Emirates noted, attained despite an ongoing challenging business environment.
Revenue growth stood at 26.4 per cent for the 12-month period, the group revealed, reaching a record level of AED57.4bn (US$15.6bn).
'This year's record results represent our drive to push the boundaries of aviation, questioning the norms and advocating for open and fair competition,' said His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Group. 'Despite unforeseen challenges in the form of political instability and shocking natural disasters we have managed, through sheer determination, nimbleness and quick thinking, to produce our best-ever result.'
The group's cargo segment, Emirates SkyCargo, saw a strong increase in revenue for the year-long period, up 27.6 per cent to a record AED8.8bn (US$2.4bn), attributed to a worldwide rebound in cargo traffic.
Tonnage climbed by 11.8 per cent over the previous year to some 1.8m tonnes, with freight yield per freight tonne kilometre up 11.3 per cent.
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