Emirates’ profits soar as passengers return

Emirates Airline has seen half year profits soar by more than 350% to 3.4 billion dirhams ($925 million) on the back of growing passenger demand.

The Dubai national carrier said the net profits in the first half of its current financial year to the end of September compared to 752 million dirhams in the same period the previous year.

Emirates’ total revenue, including other operating income, reached 26.4 billion dirhams in the first half of the year, up 35.5% compared to revenue of 19.5 billion dirhams during the same period last year, the company said.

The largest Middle East carrier said it carried 15.5 million passengers in six months, up 17.3% year on year, with a passenger load factor of 81.2%.

Group chairman and chief executive Sheikh Ahmed bin Saeed Al-Maktoum said: “The results for the first half of the 2010-11 financial year are incredibly robust, and reflect Emirates’ success in growing customer demand, supported by investment in new aircraft, products and customer service.

“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. Our strong position today is reflective of our ability to adapt, returning us to a vigorous period of growth.

“With 62 new state-of-the-art aircraft ordered in the first half, we remain well positioned to capitalise on this growth,” Sheikh Ahmed added.

Emirates ordered 30 long range Boeing 777 aircraft worth a combined $9.1 billion in July, a month after it had ordered a further 32 Airbus A 380 superjumbos.


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