Emirates' profit grows amid rising fuel prices
Emirates Airline has reported net profits of Dhs2.36 billion ($643 million), up 99 per cent compared to Dhs1.18 billion ($323 million) for the same period last year.
By PTI |
DUBAI: Emirates Airline has reported net profits of Dhs2.36 billion ($643 million), up 99 per cent compared to Dhs1.18 billion ($323 million) for the same period last year.
The results reflect a strong revenue performance largely driven by higher passenger demand, combined with higher yields. Net margin was 13.7 per cent compared to 8.7 per cent for the corresponding period last year, the Dubai-based airline said in an official release here.
Sheikh Ahmed bin Saeed Al-Maktoum, Emirates Chairman and Chief Executive, said the airline "expanded its route network with new large capacity, fuel-efficient aircraft, and have continued to invest in a high quality product for the customers. These investments, matched with robust global demand for air travel, are paying off".
However, the carrier has warned rising fuel prices pose biggest challenge for the next six months.
"Looking at the next six months, fuel costs remain a serious challenge for us with the price of crude oil now heading towards $100 per barrel. There is also continued uncertainty surrounding the impact of recent credit issues in the financial markets on passenger demand," he added.
Emirates' operating revenue at Dhs16.96 billion ($4.62 billion), was up 25.8 per cent compared to Dhs 13.48 billion ($3.67 billion) during the corresponding period last year.
Passenger revenue has recorded a growth of 30.5 per cent at Dhs 13.1 billion ($3.56 billion), it added.
Since April 2007, Emirates has launched services to five new destinations - Venice, Newcastle, Sao Paulo, Toronto and Ahmedabad, bringing its global network to 97 cities in six continents.
The results reflect a strong revenue performance largely driven by higher passenger demand, combined with higher yields. Net margin was 13.7 per cent compared to 8.7 per cent for the corresponding period last year, the Dubai-based airline said in an official release here.
Sheikh Ahmed bin Saeed Al-Maktoum, Emirates Chairman and Chief Executive, said the airline "expanded its route network with new large capacity, fuel-efficient aircraft, and have continued to invest in a high quality product for the customers. These investments, matched with robust global demand for air travel, are paying off".
However, the carrier has warned rising fuel prices pose biggest challenge for the next six months.
"Looking at the next six months, fuel costs remain a serious challenge for us with the price of crude oil now heading towards $100 per barrel. There is also continued uncertainty surrounding the impact of recent credit issues in the financial markets on passenger demand," he added.
Emirates' operating revenue at Dhs16.96 billion ($4.62 billion), was up 25.8 per cent compared to Dhs 13.48 billion ($3.67 billion) during the corresponding period last year.
ADVERTISEMENT
Passenger revenue has recorded a growth of 30.5 per cent at Dhs 13.1 billion ($3.56 billion), it added.
Since April 2007, Emirates has launched services to five new destinations - Venice, Newcastle, Sao Paulo, Toronto and Ahmedabad, bringing its global network to 97 cities in six continents.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
