EK Profit Announcement
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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........................?
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........................?
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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.....
+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.....
Join Date: Apr 2006
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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.
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.
)
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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.
Can't really see why people are getting hyped over what will be very little at the end of the day.
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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 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.
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Sit,
Just going to pick up on a couple of points, as mostly you have replied very sensibly.
BUT-
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.
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.
What evidence to you have of this?
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?
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.
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
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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..
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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..
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..
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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.
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.
