Emirates Results Down But Not Out

EMIRATES Airline produced a net profit of US$77 million for the first six months of its current financial year ending 30 September, 2008. This is down 88 per cent compared to $643 million net profits for the same period in 2007 as a result of the record fuel prices earlier this year.

HH Sheikh Ahmed bin Saeed Al-Maktoum (right), chairman and chief executive, Emirates Airline and Group, said: “The first half of the year has been very tough for the airline industry with record fuel prices forcing many carriers to shut shop or consolidate. However, Emirates has worked hard to manage the impact of high fuel prices on our unit costs while continuing to grow our business and provide our customers with a quality product and service. Our business fundamentals are solid and providing there is no further fall-out from the current global financial situation, we anticipate a robust second half of the financial year.”

In the first half of its financial year 2008-09, Emirates continued to post strong business growth, with operating revenues increasing by 31 per cent to $6 billion. Passenger traffic was up 11 per cent, cargo tonnes by 13 per cent and passenger yield by 20 per cent.