The largest customer of the Airbus A380 superjumbo said it had achieved a profit of Dh827 million ($225 million) for the 6 months ended September 30. That compared with a profit of Dh3.4 billion in the prior-year period. Its financial year runs April 1 to March 31.
“Emirates remained focused on its long-term strategy despite global instability, ever climbing fuel prices which resulted in Emirates paying $1 billion more in fuel costs over the same period last year and fluctuating exchange rates,” its Chairman, Sheikh Ahmed bin Saeed Al-Maktoum, said in a statement.
The airline said currency translation differences resulted in a 24 million dirhams loss in the period compared to a 24-million dirham gain last year.
Revenue, including other operating income, was Dh30.3 billion, an increase of 15% from Dh26.4 billion recorded last year.
The carrier said its passenger seat factor, a key measure of profitability, was above 79%. That was below the 81.2% seen in the same period in 2010.
Emirates results come just days ahead of the Dubai Airshow, which starts on November 13 where the state-backed carrier is expected to announce more plane orders to feed its fast-paced expansion plans into Europe, Asia and other markets.
It has an order backlog worth over $66 billion, including 73 more A380 aircraft.
The rapid expansion of Emirates - as well as Gulf majors Etihad of Abu Dhabi and Qatar Airways - has unnerved older airlines and fuelled mutual accusations of protectionism. Many carriers fear Gulf-based superjumbos will drain their own hubs.
The Emirates group launched a $1 billion bond in June, which was over 5 times oversubscribed.
Source: Reuters
