Emirates doubles profit to record best performance
By Ivan Gale, Staff Reporter
Published: November 07, 2007, 23:32
Dubai: Emirates yesterday reported a 99 per cent jump in net profits, its best performance in years, to Dh2.36 billion during the first half of the fiscal year ending September 30, compared to Dh1.18 billion for the same period last year.
Part of the growth reflects a regional boom in air travel. According to the International Air Transport Association (IATA), passenger traffic grew 17.8 per cent in the first half of 2007 in the Middle East.
However, Emirates has also thrived despite pressures facing the global airline industry. At a time when oil has reached unimaginable highs and airlines are seeing new competition, Emirates is not only a successful but a highly profitable carrier.
"We have expanded our route network with new large capacity, fuel-efficient aircraft, and have continued to invest in a high quality product for our customers," said Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai City of Aviation Establishment and Chairman and Chief Executive of Emirates, in a news release. He added, however, that high oil prices and the credit crunch in the US made the future uncertain for global air travel.
Since April, Emirates has launched passenger services to five new destinations - Venice, Newcastle, Sao Paulo, Toronto and Ahmedabad - bringing its global network to 97 cities on six continents, including 10 cargo-only destinations. The airline will soon commence operations to Houston from December 3.
The airline has also increased the frequency of passenger services.
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