EMIRATES Airline produced a net profit of Dh752 million ($205 million) to the end of September, an increase of 165 per cent on the same period last year.
During this period the airline made an estimated direct contribution of Dh10 billion ($2.7 billion) and an estimated indirect contribution of Dh14 billion ($3.8 billion) to the UAE economy, carrying more than 13 million passengers and 700,000 tonnes of cargo.
The period saw continuing fleet and network expansion with eight new aircraft added, two new destinations launched and additional frequencies introduced as well as installation of the latest inflight entertainment systems and mobile connectivity across the fleet.
In addition to investing in staff training and retention, Emirates also spent more than Dh40 million ($10.9 million) on two major promotional campaigns.
Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive, Emirates Airline and Group said: “ The months since the global meltdown have really tested our mettle. Unlike others in the industry, Emirates did not cut back on its product, service or people. Instead, we invested in these areas and looked to our people to develop ever more innovative ways to manage costs, improve efficiencies, reallocate resources, and drive alternative strategies for the business.
“Emirates’ latest half-year performance testifies to the airline’s strong business foundations and agility in adapting to the challenging global economic environment.”
In the first-half of its financial year 2009-10, capacity measured in available seat kilometres (ASKM), grew by 22 per cent, whilst passenger traffic carried measured in revenue passenger kilometres grew by 21 per cent. The volume of cargo uplifted was in line with last year.
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An Emirates A380 |
Total revenue at Dh19.8 billion ($5.4 billion) was lower by 13.5 per cent compared with Dh22.9 billion ($6.2 billion) recorded last year, largely reflecting lower passenger and cargo yields. However, total expenditure at Dh19 billion ($5.2 billion) was 15.8 per cent lower than Dh22.6 billion ($6.1 billion) last year, helped by cost containment measures and lower jet fuel prices.
Al-Maktoum added: “While some say the green shoots of economy recovery are sprouting, we expect it will take at least another year or two before demand for air transport and travel services starts picking up again.”
In October the airline also announced the successful pricing of its inaugural US bond offering guaranteed by the Export Import Bank of the US related to a loan facility secured for three new Boeing 777-300ER aircraft. The transaction is for $413.7 million with a fixed rate coupon of 3.465 per cent per annum.