Emirates’ net profit doubles in first half

The Emirates Group yesterday announced its half yearly results, which remain robust despite continued global economic pressure and high fuel prices.

The Group posted $575 million net profit for the first six months of its current fiscal year that ended on September 30, up 68 percent from $343 million from September 30 last year, said a statement.

“The Group’s half-yearly performance is the result of hard work and our drive to stay on course and continue to grow despite the precarious marketplace,” said Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of Emirates Airline and Group.

“We have continued to invest in the infrastructure of both Emirates and dnata and it continues to pay off,” he said.

In the first half of the 2012-13 fiscal year, the airline’s net profit was $464 million, up 104 percent from $228 million in the same period last year.

“Emirates remained focused on its growth and global expansion despite the 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,” said Sheikh Ahmed.

“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 said.

Dnata, the ground handling arm of Dubai’s Emirates Group, continues to grow internationally and reinvest in the global business infrastructure.

Dnata’s revenue including other operating income is $1.1 billion, 9 percent higher compared to $968 million last year.

This is the first time in Dnata’s 53 years of history that the company achieved $1 billion in revenues in six months.

Revenue from dnata’s airport operations rose by 4 percent to $324 million, thanks to increased volumes at Dubai and Singapore airports.

The number of aircraft handled by dnata also increased to 130,684, up by 5.6 percent.

Dnata includes Dnata Airport Operations as sole operator at Dubai International Airport and Dnata Agencies, the largest travel agency in the Middle East.

Source: The Daily Star

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