Emirates sees profits more than double in first half

Dubai-based carrier sees net profits up 104 percent while revenues rise by 17 percent
Sheikh Ahmed bin Saeed Al Maktoum, Emirates chairman and CEO.
By Ed Attwood
Mon 12 Nov 2012 11:27 AM

Emirates Airline has overcome high oil prices and a depressed global aviation industry to post a 104 percent growth in profits in the first six months of its financial year.

The Dubai-based carrier said its profits rose to US$464m, while Emirates Group profits rose by 68 percent to US$575m. The airline was helped by marginally lower fuel costs as a percentage of total expenditure, which stood at 39 percent, down two percentage points year-on-year.

Group revenue rose by 17 percent to US$8.2bn over the previous period, helped by a seat factor that increased to 80 percent, from 79 percent last year.

The airline – the world’s biggest in terms of international kilometres flown – has carried 18.7m passengers since 1 April this year, a 15.1 percent increase.

The carrier’s freight operation, Emirates SkyCargo, saw a 16 percent rise in volumes carried.

“Emirates remained focused on its growth and global expansion despite on-going fluctuating exchange rates and ever lingering high fuel prices which accounted for 39 percent of our expenditures, down two percentage points from last year,” said Sheikh Ahmed bin Saeed Al Maktoum, Emirates’ chairman and CEO.

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