Emirates announces half-year profits of $77m
Emirates Airline produced a net profit of $77 million (€60 million), for the first six months of its current financial year ending September 30. This is down 88 per cent compared to $643 million (€501 million) net profits for the same period in 2007,...
Emirates Airline produced a net profit of $77 million (€60 million), for the first six months of its current financial year ending September 30. This is down 88 per cent compared to $643 million (€501 million) net profits for the same period in 2007, showing the impact of the record fuel prices earlier this year.
Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive of Emirates Airline and Group said: "The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut up shop or consolidate. Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business and provide our customers with a quality product and service."
Overall, Emirates' fuel costs were higher than budgeted by $469 million (€366 million). The drop in profits reflect a 40 per cent increase in airline unit costs per tonne kilometre, with fuel spend more than doubling from last year's $1.1 billion (€858 million) to $2.5 billion (€1.95 billion).
In the first-half of its financial year 2008-09, Emirates continued to post strong business growth, with operating revenues increasing by 31 per cent to $6 billion (€4.68 billion). Passenger traffic (RPKM) was up 11 per cent, cargo tonnes up 13 per cent, and passenger yield increased by 20 per cent. Seat factor averaged 78.3 per cent, down slightly on 79.7 percent for last year, against a 13 per cent increase in capacity (ASKMs). Emirates' current fleet size is 121 aircraft. Since the beginning of the current financial year, Emirates received delivery of eight new wide body aircraft including two Airbus A380 superjumbo jets.
Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive of Emirates Airline and Group said: "The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut up shop or consolidate. Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business and provide our customers with a quality product and service."
Overall, Emirates' fuel costs were higher than budgeted by $469 million (€366 million). The drop in profits reflect a 40 per cent increase in airline unit costs per tonne kilometre, with fuel spend more than doubling from last year's $1.1 billion (€858 million) to $2.5 billion (€1.95 billion).
In the first-half of its financial year 2008-09, Emirates continued to post strong business growth, with operating revenues increasing by 31 per cent to $6 billion (€4.68 billion). Passenger traffic (RPKM) was up 11 per cent, cargo tonnes up 13 per cent, and passenger yield increased by 20 per cent. Seat factor averaged 78.3 per cent, down slightly on 79.7 percent for last year, against a 13 per cent increase in capacity (ASKMs). Emirates' current fleet size is 121 aircraft. Since the beginning of the current financial year, Emirates received delivery of eight new wide body aircraft including two Airbus A380 superjumbo jets.