The Emirates Group announced its 24th consecutive year of profit and companywide growth amidst unprecedented economic pressures and record high fuel prices. The company posted a AED 2.3 billion ($ 629 million) net profit.
Revenue contributed by Emirates airlines reached a record high of $17bn up almost 15 per cent on the 2010-11 financial year. This, despite the rising cost of jet fuel hitting the airline’s bottom line, with profit significantly lower than the previous year, at $409 million – a decrease of 72.1 per cent over last year’s record results.
However, bucking the industry trend, 2011-12 has been a strong one for Emirates SkyCargo with revenues of $2.6 billion, an 8.4 per cent increase on last year on account of an increase in freight tonnage and freight yield per Freight Tonne Kilometre (FTKM) which rose by 5.4 per cent. SkyCargo’s tonnage increased 1.7 per cent to reach 1796 thousand tonnes.