Dubai-based Emirates Airline’s net profit rose by 111 per cent in the first half of the fiscal year that ends in March 2018.
The AED1.7bn ($452m) net profit was made on revenues of AED44.5bn, which is 6 per cent higher compared to the figure reported in the corresponding period last year.
Overall, the Group’s half-year revenue stood at AED49.4bn, with profit reaching AED2.3bn. These are 6 per cent and 77 per cent higher, respectively, compared to figures reported a year earlier.
The positive results are due to capacity optimisation and efficiency initiatives, easing of strong US dollar, and steady business growth, the company said in a statement.
The group’s first-half results contrasts strongly with its full year performance last year, where it reported profits of merely AED2.5bn ($670m), down 70 per cent from the previous year’s reported profits.
Its full year revenue last year grew by a mere 2 per cent to AED94.7bn, while cash balance decreased by 19 per cent to AED19.1bn.