Profits rise 24.1pc at Emirates group
Emirates Group, the Dubai government-owned air transport firm, has said judicious cost-cutting and a bigger fleet buoyed its 2000/01 net profits 24.1 per cent to Dh531.3 million ($144.7 million).Emirates, using consolidated financial statements for the first time in the corporate year which ended on March 31, said the total group's revenue also rose by 24 per cent to Dh6.9 billion despite high fuel prices and a sluggish world economy. The group, which comprises Emirates airline and Dubai airport handler and travel management company Dnata, added three new aircraft and increased the number of destinations by five. Emirates Group forecast double-digit growth for next year. The firm made a net profit of Dh428 million in 1999/00. Of the net income of Dh531 million ($145 million), Emirates profits rose 40.2 per cent from Dh301 million ($82 million) to Dh422 million ($115 million), with Dnata returning a net income of Dh109 million ($30 million) compared with Dh127 million ($35 million) the previous year. Emirates SkyCargo, the airline's freight arm reported a 25.1 per cent increase in revenue to Dh1.1 billion and a 24.2 per cent jump in tonnage to 335,194 tonnes.