Emirates’ half-year profit rises considerably
Emirates’ net profit surged 104-percent, year-over-year, to AED1.7 billion in the first half of fiscal-year 2012-2013, which ended September 30. In a press release, the Dubai-based carrier partially attributed this increase to the 13 new aircraft and five new routes added to the Emirates network during this period.
Given the current geopolitical situation affecting the Middle East, these results are even more impressive, Emirates asserted in the press release. “Emirates remained focused on its growth and global expansion despite ongoing, fluctuating exchange rates and ever-lingering high fuel prices, which accounted for 39 percent of our expenditures, down 2 percentage points from last year,” HH Sheikh Ahmed bin Saeed Al Maktoum, CEO of the Emirates Group, said in a statement.
“The instability in the market over the past six months has put Emirates to the test, and once again we have risen to the challenge. Our results speak for themselves,” he added.
From a group-wide perspective, Emirates also recorded a surge in profits during the first half of fiscal-year 2012-2013, with net profit rising 68 percent, year-over-year, to AED2.1 billion. The Emirates Group’s revenue and other operating income similarly saw a double-digit increase during this period, swelling to AED38.2 billion.
Emirates’ ground-handling subsidiary dnata contributed greatly to the company’s half-year profitability, according to the press release. Dnata’s revenue, including other operating income, rose 9 percent, year-over-year, to AED3.9 billion, during this period; this marked the first time in dnata’s 53-year history that it netted $1 billion in revenues in six months.
Sheikh Ahmed bin Saeed Al Maktoum praised the company’s half-year performance, attributing it to “hard work and our drive to stay on course and continue to grow despite the precarious marketplace.” “We have continued to invest in the infrastructure of both Emirates and dnata, and it continues to pay off,” he added.