Emirates quadruples profits

EMIRATES Airlines, the Arab world’s largest airline carrier, said it was well placed to expand its business after first half profit quadrupled as a result of significant increases to passenger and cargo volumes

The airline posted net profit for the six months to 30 September of £3.4bn dirhams (£577.5m) up from 752m dirhams for the same period last year.

Meanwhile, revenue was 26.4bn dirhams, a 35.5 per cent increase over the 19.5bn dirhams it reported a year earlier.

The airline said it carried 15.5m passengers in the first half of the year, filling 81.2 per cent of seats on average, a record for the company.

Cargo tonnage also rose 23.7 per cent to 897,000 tonnes.

Cash balances grew to 12.5bn dirhams to the end of September, an increase of 18.5 per cent on the previous six months alone.

However, operating costs for the first six months of the year rose 22.6 per cent to 23bn dirhams as a result of higher fuel prices, Emirates said.

The airline, which is owned by the Dubai government, said it also took delivery of six new aircraft in the first half of the year, five Airbus A380s and one Boeing 777, adding it expected to take delivery of two further aircraft before the end of the financial year.

It ordered a further 62 aircraft in the first six months of the year and has launched six new routes since April.

“We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries,” Sheikh Ahmed bin Saeed Al-Maktoum, the carrier’s chairman and chief executive, said.