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Carl Collen

BY CARL COLLEN

Thursday 21st May 2009, 21:29 Hong Kong

Emirates turns a profit once more

The group has reported on a strong 2008/09, with its SkyCargo operation enjoying revenue growth of 14.8 per cent

Emirates turns a profit once more

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The Dubai-based Emirates Group has reported on a profitable 2008/09, with the company revealing that it had made a net profit for the 21st consecutive year despite the challenges presented by the global economic slowdown.

Net profit for the year-long period came to US$406m (€298.6m), on the back of revenue growth of 10.4 per cent to US$12.6bn (€9.2bn).

However, this profit result was a significant 72 per cent drop on the previous year's record profit of US$1.45bn (€1.06bn), showing the impact of record-high fuel prices through the first six months of the year.

Sheikh Ahmed bin Saeed Al-Maktoum

Sheikh Ahmed bin Saeed Al-Maktoum

"We have returned our 21st consecutive year of net profit, and although it is a 72 per cent decrease on the previous year's all-time record profit, under the circumstances this is a satisfactory result," said group chairman and CEO Sheikh Ahmed bin Saeed Al-Maktoum.

Emirates cargo transportation division, SkyCargo, reported that it carried 1.4m tonnes of cargo during the 12-month period, up 9.8 per cent on 2007/08, with revenue increasing 14.8 per cent to US$2.1bn (€1.5bn).

"As we move into the new financial year, the outlook is not improving. Although fuel prices are dropping, demand for business and first-class traffic is still weak in many markets," added Sheikh Ahmed. "Without downplaying the global economic situation and its challenges for our business, I still believe that the coming year will be one of satisfactory growth for the Emirates Group."

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