Emirates Airline results review
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.
While commenting on the occasion, Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, stated, “No one could have predicted the scale of the worldwide recession which is now impacting every country on earth. We have returned our 21st consecutive year of net profit, and although it is a 72 per cent decrease on the previous year's all-time record profit, under the circumstances this is a satisfactory result.”
As per media reports, the airline would continue with its plans for fleet and route expansion.
Furthermore, the group, which estimates a total contribution of Dh 58 billion to the UAE economy in 2008-09, reaped revenues of Dh 46 billion in the financial year ending on March 31, 2009, recording 10.4% growth over the previous year's revenues of Dh 41 billion. The airline's revenues, meanwhile, totalled Dh44.2bn, marking a 9.9 per cent increase over Dh40.2bn the previous year.
According to sources, fuel costs remained the top expenditure for the airline for the fifth year running, accounting for a record 36.2% of its operating costs.
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