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Emirates reports a profit of AED 1.1 billion (US$ 288 million), 21% up from the previous year
Company Audited Group Report 2019-2020
1.1Bn Loss caused by Fuel hedging. (page 64)
Google search STC and HH quote several years back we don't hedge fuel. (Arabian Business 10 May 2018)
Senior Management were called out by the Financial Auditors in the report (page 81)
Audit Report states part of its fuel hedging is done
24 months in advance (page 127)
Mainstream Media including the more active aviation blogs continue to overlook Fuel Hedging along with other "points of interest" located in the Financial Report . Unfortunatley drowned out by the 24/7 Covid Noise and instead reprint the
PR garbage given by STC and other talking heads.
Perhaps the next time STC gives a Sunday Times interview or chats with Richard Quest on CNN then they will ask real questions like why do you refuse to engage and discuss
Redundancies with your staff many, who have been working for you over 20 -25 and 30 years instead of giving him a free ride and blaming everything on Covid.
While your at it ask why .....
The very person who staked their reputation on having so many A380 Aircraft at Emirates, recall ,was the same person who cancelled the 2004 order for 70 x A350 in 2007 then approved an order of 50x A350 in Nov 2019 the same person whos abrupt departure from the airline was announced after Xmas 2019, the same person who we heard nothing from until only a few months ago in the media only and the very same person who refuses to speak or engage with his staff.
Ask those questions will you next time MainStream Media when you engage and interview STC and Senior Management from Emirates. You know some real reporting. And FFS stop accepting that Covid is the root cause of this mess. Management bungles were made and now the eggs are all hatching.
Answering an Arabian Business question during a post earnings press conference, Sheikh Ahmed said: “The team we have knows how the company is run and if they suggest it then we will. But right now there are no plans. We will not hedge.”10th May 2018
