Emirates: Record $925m H1 Profit
Emirates airline hit a new high with a record first half net profit of Dh3.4 billion ($925 million), up 351.2% compared to Dh752 million ($205 million) for the same period last year.
Announcing the results on Monday, Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said Emirates had seen a marked increase in passenger traffic, carrying 15.5 million passengers and recording a strong passenger seat factor at 81.2%, the highest for a first six month reporting period.
He said the group has ordered 62 new aircraft to further drive the airline's growth. Emirates has successfully raised Dh4.6 billion ($1.3 billion) in finance during the first half of 2010.
Emirates' revenue, including other operating income, surged 35.5% to Dh26.4 billion ($7.2 billion) for the half-year compared to Dh9.5 billion ($5.3 billion) last year, Sheik Ahmed pointed out.
On the cash balance, Sheikh Ahmed said Emirates' cash balances grew to $3.4 billion at the end of September, a significant improvement of 18.5% or 529 million when compared to March 31. This increase in the cash balance was achieved after settling capital outflows of Dhs2.4 billion, primarily towards aircraft pre-delivery payment and other aircraft assets, he added.
Fuel continues to be the most significant expenditure for the airline with operating costs soaring 22.6% to $6.3 billion, Sheikh Ahmed pointed out.
Emirates SkyCargo too put up a strong half year performance across the network, posting an increase in revenue of 48.4% to Dhs4.4 billion, with cargo tonnage rising 23.7% to 897,000 tonnes, compared to 725,000 tonnes last year, the Emirates Chief said. SkyCargo posted steady revenue growth contributing around 17.8% of the airline's transport revenue, he added.