Emirates defies skeptics, posts 21st annual profit

Defying the naysayers, the Emirates Group has continued its unbroken string of annual profit, posting for the 21st consecutive year, a net profit of AED 1.49 billion (US$ 406 million) for the year ending 31 March 2009. Clearly not escaping the economic crisis however, the figure was down a whopping 80.4 per cent from last […]


1.4 million tonnes of cargo Emirates performed well post 21st annual profit


Defying the naysayers, the Emirates Group has continued its unbroken string of annual profit, posting for the 21st consecutive year, a net profit of AED 1.49 billion (US$ 406 million) for the year ending 31 March 2009. Clearly not escaping the economic crisis however, the figure was down a whopping 80.4 per cent from last year’s record profits of AED 5.0 billion ($1.37 billion). Revenues rose 9.9 per cent to AED 44.2 billion ($12 billion) from AED 40.2 billion ($10.95 billion) in the previous year. Emirates SkyCargo also performed well despite the record high fuel prices in the beginning of the year and the global economic slump beginning towards the end of 2008. The cargo division carried 1.4 million tonnes of cargo, an improvement of 9.8 per cent over the previous year’s 1.3 million tonnes helping revenue to increase by 14.8 per cent to AED 7.7 billion ($2.1 billion), up from AED 6.7 billion ($ 1.8 billion) in 2007-08. Cargo revenue contributed nearly 19 per cent to the airline’s total transport revenue. Emirates SkyCargo also took delivery of its first 777 freighter at the end of the financial year, bringing the total freighter fleet to eight aircraft – including seven 747Fs, and the new 777F operated by Emirates. In all, Emirates SkyCargo carried freight in 132 aircraft, including belly space in the passenger fleet, to 99 cities on six continents.