Emirates first half profits nosedive
3 hours ago
DUBAI (AFP) — Dubai's Emirates airline said on Monday its net profit for the first half of the financial year dropped a dramatic 88 percent to 77 million dollars because of high oil prices.
The largest Middle East carrier said its profit for the six months to September 30 plunged to 284 million dirhams (77 million dollars) from 2.36 billion dirhams (643 million dollars) in the same period last year.
"The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut shops or consolidate," Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
"Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business," he added.
The government-owned carrier said its overall fuel costs were higher than budgeted by 469 million dollars and have more than doubled from 1.1 billion dollars last year to 2.5 billion dollars.
Emirates said operating revenue nevertheless increased by 31 percent to 22.1 billion dirhams (six billion dollars), while passenger traffic was up 11 percent, and cargo tonnes up 13 percent, the airline said.
For the full year to March 31, Emirates reported a 62 percent surge in net profit to 1.37 billion dollars.
Its fleet stands currently at 121 aircraft, including two Airbus A380 superjumbo jets. It flies to 100 destinations.
Emirates is the largest single client of Airbus's A380 jet, with 56 units still on order. The total value of the 58-unit order amounts to 18.8 billion dollars at list price.
The company's website says its order book stands currently at 244 aircraft, with a total value of around 60 billion dollars.
3 hours ago
DUBAI (AFP) — Dubai's Emirates airline said on Monday its net profit for the first half of the financial year dropped a dramatic 88 percent to 77 million dollars because of high oil prices.
The largest Middle East carrier said its profit for the six months to September 30 plunged to 284 million dirhams (77 million dollars) from 2.36 billion dirhams (643 million dollars) in the same period last year.
"The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut shops or consolidate," Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
"Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business," he added.
The government-owned carrier said its overall fuel costs were higher than budgeted by 469 million dollars and have more than doubled from 1.1 billion dollars last year to 2.5 billion dollars.
Emirates said operating revenue nevertheless increased by 31 percent to 22.1 billion dirhams (six billion dollars), while passenger traffic was up 11 percent, and cargo tonnes up 13 percent, the airline said.
For the full year to March 31, Emirates reported a 62 percent surge in net profit to 1.37 billion dollars.
Its fleet stands currently at 121 aircraft, including two Airbus A380 superjumbo jets. It flies to 100 destinations.
Emirates is the largest single client of Airbus's A380 jet, with 56 units still on order. The total value of the 58-unit order amounts to 18.8 billion dollars at list price.
The company's website says its order book stands currently at 244 aircraft, with a total value of around 60 billion dollars.