Emirates First Half Profit up 99%
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Emirates First Half Profit up 99%
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.
http://archive.gulfnews.com/articles.../10165922.html
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.
http://archive.gulfnews.com/articles.../10165922.html
anyway.
2008 20 weeks profit share. heheheheheheeheheh
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Ipo, Ipo
All a prelude to the up and coming IPO. I distinctly recall the meeting with Flanagan and Clark, many years ago that is. That if ever the Airline went public? Shares would be offered to the employees. Ha ha. This is going to be very interesting, to say the least. I wait and see. Not holding my breath under any circumstances. It will be very generous of the company to offer us some scraps, like they have been doing over the years. But I intend to buy shares anyway!
Keep checking that Six!!!
Keep checking that Six!!!
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I'm surprised Grandad Flanagan hasn't put out the standard e-mail to say that although the papers say the company is making a mint, that it isn't really......oil prices, rising costs etc. blah blah blah etc. etc
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Well said
Fart Master, Hi There.
You are so right. Let's wait and see! If they don't? Then they will spin us some bull**** story about various factors that are way above our pay grade to figure out anyway! Interesting scenario. I personally think that the profit share as we knew it is about to change after the company goes public. Not that it was anything great to begin with anyway!
We can only hope for the best! However....?
Check Six
You are so right. Let's wait and see! If they don't? Then they will spin us some bull**** story about various factors that are way above our pay grade to figure out anyway! Interesting scenario. I personally think that the profit share as we knew it is about to change after the company goes public. Not that it was anything great to begin with anyway!
We can only hope for the best! However....?
Check Six
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Check 6 right on about companies offer it's employees shares. Well I'm sure that will be the profit share of the future and you will then get noubt in the bank at bonus time. Also it's just a talk up for the IPO, you are right.
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Lets face it, revenue might be significantly up but a key reason why the company is making money hand over fist is because over half of the revenue is derived from the UK and Europe. This revenue is in Sterling and Euros. Now bear in mind that most of the expenditure is in US Dollars this means the currency exchange is having a geared effect on the results and hence more profit.
Ding dong!... and the first half of the year is supposed to always be quieter than the second!!
So let's face it, who knows what could happen between now and 31st March but the 25th May 2008 has got to be worth waiting for at the moment ..maybe
I won't put a tab behind the bar just yet!
The Fox and Firkin
Ding dong!... and the first half of the year is supposed to always be quieter than the second!!
So let's face it, who knows what could happen between now and 31st March but the 25th May 2008 has got to be worth waiting for at the moment ..maybe
I won't put a tab behind the bar just yet!
The Fox and Firkin
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Well even though profit is up but with the arrival of so many aircraft, most of the money made will go into paying for them anyway. So I wouldnt get my hopes up on pay rise or more profit sharing... But these are just my thoughts. 
The only reason that the pay would go up is when EK find it extremely difficult to crew all the planes.
The only reason that the pay would go up is when EK find it extremely difficult to crew all the planes.
