INDIA & MIDDLE EAST: Emirates posts record profit increase
Despite unarguably difficult times for the airline sector last year, the Emirates Group Ã¢â‚¬“ comprising Emirates Airline, Dnata and their subsidiary companies Ã¢â‚¬“ has posted a record profit increase of 248 per cent, posting a net profit for the financial year ended 31 March 2010 of AED 4.2 billion (US$ 1.1 billion). Ã¢â‚¬Å“It has been […]
June 1, 2010
Ã¢â‚¬Å“It has been an exceptional year of continued profitability against a backdrop of the worst global recession in generations,Ã¢â‚¬Â said His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group.
Ã¢â‚¬Å“The first half of the financial year however, was extremely challenging as the world continued to grapple with the economic crisis. Our pioneering spirit and ability to adapt in adverse conditions helped us to push through this harsh economic climate with an extremely strong performance in the latter part of the year.Ã¢â‚¬Â
Group revenue remained stable at AED 45.4 billion reflecting lower passenger and cargo yields offset by increased traffic. The group profit margin improved to 9.1 per cent from 2.6 per cent a year earlier. The groupÃ¢â‚¬™s cash balance grew to AED 12.5 billion at the end of March, a notable improvement of 43.3 per cent or AED 3.8 billion against the previous year and is all the more remarkable considering this cash balance is after the carrier made some AED 3.4 billion in investments mainly in new aircraft, other aircraft related equipment and dedicated lounges.