Emirates makes $925m first-half profit

01 November 2010

Dubai-based airline reports a 351 per cent increase on the same period in 2009

Dubai-based Emirates airline has reported a profit of AED3.4bn ($925m) in the first half of the financial year ending 30 September.

This figure represents a 351 per cent increase compared to the AED752m ($205m) that the airline recorded in the same period in 2009.

Sheikh Ahmed bin Saeed al-Maktoum, chairman and chief executive of Emirates airline and group says that the results are “incredibly robust” and reflect Emirates’ success in growing customer demand and supported by investment in new aircraft.

“We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries,” Sheikh Ahmed says.

Emirates Airline achieved a net profit of $964m for the financial year ending 31 March 2010.

Emirates ordered 62 aircraft during the first half of the 2010-2011 financial year. These include a $9.1bn order for 30 Boeing 777 aircraft and an $11.5bn order for 32 Airbus A380 planes (MEED 19:7:10).

The airline also raised $1.3bn of financing in the first half. The airline received five Airbus A380s and one Boeing 777 in the first half and expected to take delivery of two more aircraft by the end of the financial year on 31 March 2011.

In terms of passenger traffic, the airline carried 15.5 million passengers during the first six months of the financial year. Emirates SkyCargo carried 897,000 tonnes in the same period compared to 725,000 tonnes last year. SkyCargo contributes about 17.8 per cent of the airline’s transport revenue.

Passenger traffic increased due the launch of destinations, including Amsterdam, Prague, Madrid and Dakar. Emirates also launched two new A380 destinations of Manchester and Beijing.

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