Despite the global economic downturn, Emirates Airlines has reported a full year net profit of Dh 982 million for the financial year 2008-09, down 80.4% over its 2007-08 record profits of Dh 5 billion, on declining passenger numbers and record fuel prices.
Emirates stated in a communiqué that the profit for the overall group, including Dnata and Emirates Sky Cargo, went down 72% to Dh1 billion compared to the previous year's record profits of Dh 5 billion.
Emirates Airline, the Middle East's largest air-carrier, has announced that it has recorded a sharp 72% decline in its net profit, which stood at 1 billion dirhams ($406 million) for the financial year ended on March 31, 2009.
The company had clocked a profit of 5 billion dirhams ($1. 45 billion) in fiscal 2008.
The Group's revenues have witnessed handsome 10.4% growth at 46 billion dirhams ($12.6 billion) from 41 billion dirhams ($11.4 billion) last year.
Kuwait-based Gulf Investment House has announced that it has recorded a loss of KD 2 million in the first quarter of this year.
The sources said that bank's assets in the end of March amounted to KD 121 million, while the value of the foreign debts was twice as much.
The sources further added that the company has described the loss as 'a positive development,' compared to the losses posted in the fourth quarter of last fiscal, which amounted to 16.24 fils per share.
Taqa, a leading Abu Dhabi based National Energy Company has announced that its first quarter net profit has witnessed a dip by 89% on year to Dh 40 million.
The company has attributed this huge dip in net profit to low foreign exchange rates and a decrease in natural gas prices during the period.
However, Taqa’s total revenue, surged by 5%, posting Dh 4.2 billion during the period.
The first quarter saw Dubai-based investment bank Shuaa Capital posting a net loss of 197.9 million dirhams ($53.88 million) since it booked losses on investments.
The bank informed via a statement that the overall results were adversely affected by the losses booked from investments even when the bank had implied enormous efforts to increase profitability through cost-cutting measures. The bank has also concentrated on growing its fee businesses.
A net profit of Dhs269m for the three months ended 31 March 2009 ('the Period') was reported by Dubai Investments PJSC ('DI'), with consolidated total income of Dhs831m.
An increase in total assets as on 31 March 2009 was seen to Dhs14.36bn, a growth of 25 per cent over the total assets of Dhs11.47bn as at 31 March 2008.
For the same day, Net Worth increased to Dhs7.53bn, a growth of 39 per cent over the Net Worth of Dhs5.42bn as at 31 March 2008.
33% is the annualized return on Share Capital was achieved for the Period.
- Postage Prices will Decrease from Sunday; USPS not too Happy About It
- Marriott and Starwood Hotels & Resorts Worldwide Inc Shareholders Approve to $14.41 Sales Deal
- UK plan to impose additional tax on sugary drinks
- Obesity during pregnancy may increase risk of very ‘large babies’
- Dropping Sales at Gap’s Key Brands hurt the Company’s Shares