Go Back  PPRuNe Forums > PPRuNe Worldwide > Middle East
Reload this Page >

EK Profit Announcement

Middle East Many expats still flying in Knoteetingham. Regional issues can be discussed here.

EK Profit Announcement

Old 30th Apr 2012, 07:47
  #1 (permalink)  
Thread Starter
 
Join Date: Sep 2006
Location: Boldly Going Nowhere
Posts: 26
EK Profit Announcement

So, here we are at the end of April, and have not heard a peep about EK's last year's profit / performance.

Isn't the announcement traditionally made before the end of April? Possibly a bit more time is required to cook the books and come up with creative stories for the masses.

Not that I expect to see one fil / cent of profit share - just interested in hearing the excuses.

Any rumours........................?
FFFrentit is offline  
Old 30th Apr 2012, 08:51
  #2 (permalink)  
 
Join Date: Aug 2003
Location: Sandy beach
Posts: 430
Expect it at the end of next week. My guess in the 10th...my money is on about 2 weeks. More interested in the increment and pay review though.

Cheers
Saltaire is offline  
Old 30th Apr 2012, 10:04
  #3 (permalink)  
 
Join Date: Jul 2000
Location: Dubai - sand land.
Age: 50
Posts: 2,583
Usually about 10th May... But very quiet so far... Usually there's also some sort of build-up
White Knight is offline  
Old 30th Apr 2012, 10:41
  #4 (permalink)  
 
Join Date: Aug 2003
Location: Earth, where else?
Posts: 224
Don't you worry... there will be NO bonus, believe me!
EK380 is offline  
Old 30th Apr 2012, 10:53
  #5 (permalink)  
 
Join Date: Sep 2011
Location: earth
Posts: 1,041
I would guess 4 weeks, not to give less than the noisy neighbor down south and not to lose face.

The rest goes into glue and excess fuel for the dugong.
glofish is offline  
Old 30th Apr 2012, 10:53
  #6 (permalink)  
 
Join Date: Feb 2003
Location: The lion city
Posts: 368
I bet the announcement will come right after SQs announcement.
etops777 is online now  
Old 30th Apr 2012, 11:55
  #7 (permalink)  
 
Join Date: Feb 2004
Location: Hades.
Posts: 753
When do SQ announce?
helen-damnation is offline  
Old 30th Apr 2012, 13:06
  #8 (permalink)  
 
Join Date: Jul 2011
Location: lost
Posts: 86
PS

2-4 weeks

+3% increment

+2% gratuity due to performance

+5 Aed on productivity

No increase educ allowance
No increase in housing allowance

Increase from 92 hrs to 95 hrs before overtime.

Dispensation for minimum 7 days-off per month

Delayed A380s

cancellations of A350s

more 777's

Profit target $16.8B

Profit earned $16.8B

How bad could it be ??? tomorrow is just another day

just guessing of course.....
desertcamel is offline  
Old 1st May 2012, 06:34
  #9 (permalink)  
 
Join Date: Apr 2006
Location: uk
Posts: 416
My personal view is that it is irrelevant what has been awarded elsewhere. Put Qatar and the one nobody can talk about together and you get one of the EK fleets.
With the new "no cost" ad campaign to pay for.....sorry invest in..Term 3a etc I see a big fat nowt coming our way.
Hello Tomorrow? more like "Gawd is it tommorrow already?"
Mr Exhausted of this parish.
alwayzinit is offline  
Old 1st May 2012, 09:31
  #10 (permalink)  
 
Join Date: Aug 2003
Location: Sandy beach
Posts: 430
Not looking good; huge 380 issues, market uncertainties, high fuel prices and huge marketing expenses…. i'm starting to think nada.
Saltaire is offline  
Old 1st May 2012, 11:05
  #11 (permalink)  
 
Join Date: Nov 2001
Posts: 247
Given the 20% reduction in BKK allowances, the 2013 bonus is looking even better.

whittle, chip, erode

...but we never joined for the allowances.
atiuta is offline  
Old 1st May 2012, 12:33
  #12 (permalink)  
 
Join Date: Apr 2009
Location: Dubai
Posts: 8
...it's never good to have too much money burning in your pocket in BKK...

My guess is 15 minutes of profit share at best... (still hope for 2 weeks and 3% though )
BenCartwright is offline  
Old 3rd May 2012, 02:15
  #13 (permalink)  
 
Join Date: Apr 2003
Location: Narnia
Posts: 118
Don't really see that there has been any delay in any announcement, so lets wait and see. Historically the 'state of the union' speech is made around the 10th May (2011 - 10 May, 2010 - 12 May), so maybe we'll have a better idea in a weeks time.

Can't really see why people are getting hyped over what will be very little at the end of the day.
Jolly Foreigner is offline  
Old 3rd May 2012, 02:44
  #14 (permalink)  
 
Join Date: Jun 2001
Location: Boldly going where no split infinitive has gone before..
Posts: 4,276
sitting,

- Last years announcement came earlier than the year before

- The target was announced as a dollar sum as it has been every year bar one. One year in the company's history, it did not announce a target, but gave us a bonus anyway.

- Do you think EK is "Making Up" the price of Fuel or the weak Global economy?

- The profit announcement has a lot more impact than just the bonus. The companies ability to raise finance has much to do with it's profitability. You realize that most of the rest of the industry accuses EK of OVER stating it's profitability?

- How is their objection to subsidies relevant to any of this? I think they are a bit dishonest there- they are subsidized by the fact they can offer tax-free salaries- but that fact increases profit, not reduces it.

For what it's worth, I'm not expecting a bonus. A target was set (One that was to ambitious) and not reached. There was no way we were going to make as much money this year as last as our trading situation was simply not as good.

Surly a financial expert such as yourself could see that.

Last edited by Wizofoz; 3rd May 2012 at 06:21.
Wizofoz is offline  
Old 3rd May 2012, 19:32
  #15 (permalink)  
 
Join Date: Jun 2001
Location: Boldly going where no split infinitive has gone before..
Posts: 4,276
Sit,

Just going to pick up on a couple of points, as mostly you have replied very sensibly.

BUT-

I don't understand your message there, sorry. Isn't the target supposed to reflect reality? What exactly was the target?
The Company announced an annual target along with the profit announcement last year, as they have done every year except one. It basically set the same profit target this year as was achieved last year. The actual figure is available on the Employee portal. They may have thought it reality at the time, circumstances have seen to it otherwise.

In essence, you are claiming that EK exaggerates their profits to get financing, while at the same time understating profits, in order to limit the 'profit share' for it's employees. If indeed you are correct, then you are describing a situation worse than I am.
Erm..this makes no sense. I am saying that you think they underestimate as it effects your profit share, while competitors think they over estimate as it makes those competitor feel better about not making as big profits.

I have no inside knowledge as to the truth but, to be honest, can't see why the Company, and more especially it's Auditors, would be motivated to announce anything but the truth.

But I know when I am being screwed
What evidence to you have of this?
Wizofoz is offline  
Old 4th May 2012, 00:30
  #16 (permalink)  
 
Join Date: Feb 2003
Location: The lion city
Posts: 368
Sittingdly does have lots of valid points. He may have been posting mainly negative remarks but majority are true facts. Keep everything in perspective..It may be good to some but not enough for many..
etops777 is online now  
Old 6th May 2012, 16:09
  #17 (permalink)  
 
Join Date: Jan 2004
Location: Stratosphere
Posts: 223
What sort of sycophant would you like me to be sir?
trimotor is offline  
Old 7th May 2012, 22:04
  #18 (permalink)  
 
Join Date: Feb 2008
Location: Tent in the Desert
Posts: 43
EK Profit Announcement

"No profit share.
No pay rise
No increment."
92 hours to remain
Quoting 777 CP.
Sheikh-It-Easy is offline  
Old 8th May 2012, 05:46
  #19 (permalink)  
 
Join Date: Jan 2006
Location: Germany
Posts: 121
watching this thread with great interest, currently in Europe, contemplating a move to the ME, it will be interesting what the upcoming announcement will be.

Sheikh-It-Easy,
may I ask,
since you have quoted the 777 CP at Emirates,
just exactly where and when was this said....

my understanding is no official announcement has been made at this stage..
HighLow is offline  
Old 8th May 2012, 06:45
  #20 (permalink)  
 
Join Date: Mar 1999
Location: Travelling East
Posts: 253
Probable announcement will be Thursday, according to HR input at latest wash-up.

EK did not reach the profit target for the last year, according to a Gulfnews article on the Arabian Travel Market last week, so I presume that 0% of profit share is a realistic number to work on.

Quote from Thierry Antinori:"The fuel price last fiscal was very high for Emirates. It was an increase of our fuel bill by $1.6 billion. It directly impacted the bottomline of the company, which means that our profit will be down for the financial year ended March 31 in comparison with the record year 2010-2011," he said.

But no increment and no salary increase during a year when reasonable profit was shown would be contary to the desire to be the "Employer of Choice in the ME".

So lets just wait for a couple of weeks, all will be revealed in time.
skyvan is online now  

Thread Tools
Search this Thread

Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.