Emirates Profits up 140%
From the UAE "Gulf News"(12/11):
"Emirates has earned a profit of Dh404.2 million in the first half of this year, a 140 per cent jump compared to last year. The airline's cash balance for the six months to September 30 also rose to Dh3.9 billion from Dh2.8 billion in 2001.
Despite an 18 per cent increase in seat capacity, Emirates raised the load factor to 78 per cent from 74 per cent. Cargo revenues also grew 38 per cent.
Emirates bucked the downturn in the industry by posting an operating revenue of Dh4.3 billion, up 27 per cent from Dh3.4 billion in 2001, the unaudited results show.
"We are very pleased to annou-nce this substantially increased half-yearly profit during a challenging time for the aviation industry," said Sheikh Ahmed bin Saeed Al Maktoum, president of Dubai Civil Aviation and chairman of Emirates Group.
"We are pleased that the surge in passenger and cargo traffic has been spread equally across the entire network."
He added that the airline was committed to its plans to increase its fleet to 100 aircraft by 2010 from 44 at present.
Emirates is improving passenger comfort by buying new Airbus A330 and Boeing 777-300 aircraft and opening a First and Business Class check-in lounge at Dubai International Airport. It has also started five passenger and two cargo flights to new destinations.
The airline, the fastest growing in the Middle East, said it was "cautiously optimistic" for the rest of its financial year, based on strong forward bookings.
Dermot Mannion, chief director for finance, said Emirates was considering another bond issue to raise money following last year's Dh750 million issue, which it doubled to Dh1.5 billion after it was heavily oversubscribed.
"There is an appetite in the Gulf and abroad for a second bond issue," he added."
Are these real figures, or is their a "state subsidy" hidden there somewhere?