Emirates records Dh2.6b profit
Gulf News:
Emirates records Dh2.6b profit despite high oil prices
By Saifur Rahman, Staff Reporter
Dubai: At a time when most airlines are struggling under the burden of high fuel costs, Emirates Group has reported a 49 per cent surge in net profit for 2004-05 to a record Dh2.6 billion.
According to Shaikh Ahmad, the global aviation industry is a victim of high costs and natural disasters.
"We've had yet another successful year for the company, and the 17th consecutive profitable one for the airline," said Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman of Emirates Group, as he announced the earnings yesterday.
"The results prove once again we can count on our customers to support Emirates, as long as we deliver on our side of the equation the best aircraft that money can buy, the best ground and inflight service in commercial aviation, and the best overall flying experience at a competitive price."
The group last year earned a profit of Dh1.74 billion.
The robust earnings came on the back of a 36 per cent rise in group revenues to Dh19.1 billion, up from Dh14 billion the previous year.
The group includes Emirates airline and Dnata, its ticketing and ground handling arm. Emirates carried 12.52 million passengers, 2.1 million more than the previous year. Dnata handled 22.3 million passengers.
The results come in what has been another difficult year for the global aviation industry.
The Airbus A380 takes off on its maiden flight yesterday near Toulouse, France.
Shaikh Ahmad said the results were achieved despite high fuel prices, the tsunami disaster and growing competition.
High fuel prices cost the airline an added Dh1 billion last year, he said.
For 2004-05, Emirates will pay an increased dividend of Dh368 million to the Government of Dubai, compared to Dh329 million last year. In total, the ownership will have received Dh1.1 billion from Emirates since dividends started being paid six years ago.
The airline has an orderbook of Dh110 billion, involving 97 firm orders, including 45 Airbus A380s, by far the largest of any carrier.
Airbus also made aviation history yesterday as its A380 superjumbo took to the skies for the first time in France. It has a capacity of up to 644 passengers.