When will Emirates financial results be announced?
Join Date: Jun 2005
Location: MIDDLE EAST
Posts: 1,035
Likes: 0
Received 0 Likes
on
0 Posts
Absolutely there were, pilots et al.
While some were both greedy and naive in equal measure, buying multiple properties with cheques their accounts couldn't cash, there were a few who invested in projects cancelled or delayed. Nakheel's Palm Jebel Ali development is a case in point. Lured by the promise of government backing and financial support, the corrupt and heavily mismanaged Company turned it's back on those who'd invested in it's master project. Without cancellations and with the project still in 'discussion', the developer can delay indefinitely further work despite taking 30-50% from those already invested in that project. They pocket that money as well as write off debt from contractors and sub contractors. Then, after restructuring and re financing, Nakheel can announce record profits and continue to take further monies from investors in other projects. Finished properties are built to the lowest of standards with sub standard fittings and finishing. Their service fees are a joke, as are the services they provide for such inflated charges. They often promise greenery and landscaping and either fail to complete as per the glossy brochure or build some other monstrosity to block a premium view. The Palm Jumeriah apartments?
Sadly, there has been little to no success in the recovery of these deposits or from any legal action against Nakheel from the UAE courts.
So yes, I'm fully aware of the lack of integrity and honesty as well as the irresponsible behaviour demonstrated by the shallow and untrustworthy individuals that run these Companies. Caveat Emptor!
Harry
While some were both greedy and naive in equal measure, buying multiple properties with cheques their accounts couldn't cash, there were a few who invested in projects cancelled or delayed. Nakheel's Palm Jebel Ali development is a case in point. Lured by the promise of government backing and financial support, the corrupt and heavily mismanaged Company turned it's back on those who'd invested in it's master project. Without cancellations and with the project still in 'discussion', the developer can delay indefinitely further work despite taking 30-50% from those already invested in that project. They pocket that money as well as write off debt from contractors and sub contractors. Then, after restructuring and re financing, Nakheel can announce record profits and continue to take further monies from investors in other projects. Finished properties are built to the lowest of standards with sub standard fittings and finishing. Their service fees are a joke, as are the services they provide for such inflated charges. They often promise greenery and landscaping and either fail to complete as per the glossy brochure or build some other monstrosity to block a premium view. The Palm Jumeriah apartments?
Sadly, there has been little to no success in the recovery of these deposits or from any legal action against Nakheel from the UAE courts.
So yes, I'm fully aware of the lack of integrity and honesty as well as the irresponsible behaviour demonstrated by the shallow and untrustworthy individuals that run these Companies. Caveat Emptor!
Harry
Join Date: Oct 2007
Location: UAE
Age: 64
Posts: 35
Likes: 0
Received 0 Likes
on
0 Posts
FFS, calm down guys, they made a profit.
Profit margin for EK was 1.5% and the group 2.6%, not great for "some" people, but not bad for a mature airline.
Break even load factor was 64.5%, in the real world that is great, go look at what other mature airlines need.
Employee cost at 14%, at most mature airlines it twice that.
As far as I can tell, they are still trying to hire pilots, and that should matter to us. Sometime you have to read between the lines, and from what I read, a lot of what they are saying is not directed to the pilots, but to the other "employees"
Profit margin for EK was 1.5% and the group 2.6%, not great for "some" people, but not bad for a mature airline.
Break even load factor was 64.5%, in the real world that is great, go look at what other mature airlines need.
Employee cost at 14%, at most mature airlines it twice that.
As far as I can tell, they are still trying to hire pilots, and that should matter to us. Sometime you have to read between the lines, and from what I read, a lot of what they are saying is not directed to the pilots, but to the other "employees"
Join Date: Jul 2009
Location: On the sidewalk
Posts: 154
Likes: 0
Received 0 Likes
on
0 Posts
FFS, calm down guys, they made a profit.
Profit margin for EK was 1.5% and the group 2.6%, not great for "some" people, but not bad for a mature airline.
Break even load factor was 64.5%, in the real world that is great, go look at what other mature airlines need.
Employee cost at 14%, at most mature airlines it twice that.
Profit margin for EK was 1.5% and the group 2.6%, not great for "some" people, but not bad for a mature airline.
Break even load factor was 64.5%, in the real world that is great, go look at what other mature airlines need.
Employee cost at 14%, at most mature airlines it twice that.
1) The so called "audit" does not follow any international accepted auditing standards like EBITDA. PwC is auditing whatever opaque internal standard EK management is putting forward. They can cook the books and show a "profit" and PwC will happily audit that; for a fee of course. For all we know they could've lost hundreds of millions of dollars. We'll never find out.
2) You (The employee) are a means to an end, not the end.
Join Date: Oct 2015
Location: USA
Posts: 415
Likes: 0
Received 0 Likes
on
0 Posts
They pick big numbers and highlight them.
The published 64.5% break even load factor is for cargo, with a overall load factor of 65%. 0.5% away from making loss on cargo. Also the cargo BELF jumped 4.1% points from last years 60.4% Bad news. See page 95.
They didn't publish BELF for passenger seats.
Employee cost is 15.6% total operational cost.
Revenue per employee is the lowest in the decade, not because employees are not working hard, because they keep hiring.
The published 64.5% break even load factor is for cargo, with a overall load factor of 65%. 0.5% away from making loss on cargo. Also the cargo BELF jumped 4.1% points from last years 60.4% Bad news. See page 95.
They didn't publish BELF for passenger seats.
Employee cost is 15.6% total operational cost.
Revenue per employee is the lowest in the decade, not because employees are not working hard, because they keep hiring.
Join Date: Sep 2015
Location: Al Ain
Posts: 99
Likes: 0
Received 0 Likes
on
0 Posts
Join Date: Sep 2007
Location: 1st Floor
Age: 33
Posts: 103
Likes: 0
Received 0 Likes
on
0 Posts
EK has become so like CX its not funny . In fact, the comments on here so mirror those on fragrant harbour !
At least EK made a profit .
Its so ironic that CX blame , Not their 8.5 billion hk$ fuel hedging blunder, but competition from the middle east carriers eating their market share.
Aviation Managers are a breed to themselves. Im sure somehow , someway, they have all gotten together and agreed not to ever, ever raise global pilot salaries , and to continue to lower the COS bar lower each year. A bit like the banks and Libor rates. There has to be something in it !
At least EK made a profit .
Its so ironic that CX blame , Not their 8.5 billion hk$ fuel hedging blunder, but competition from the middle east carriers eating their market share.
Aviation Managers are a breed to themselves. Im sure somehow , someway, they have all gotten together and agreed not to ever, ever raise global pilot salaries , and to continue to lower the COS bar lower each year. A bit like the banks and Libor rates. There has to be something in it !
Join Date: Apr 2003
Location: UAE
Posts: 1,026
Likes: 0
Received 0 Likes
on
0 Posts
They are a breed to themselves alright. I think the main thing they have in common is that nothing is ever their fault. Global economics, oil prices (up or down!), Trump, anything but them.
Join Date: Sep 2007
Location: UAE
Posts: 274
Likes: 0
Received 0 Likes
on
0 Posts
Word from across the river in Doha is they are about to announce a record profit. They must not be affected by the strong Dollar, Brexit, Trump, isis, Europe, fuel, employee productivity... ... ...
Join Date: Oct 2015
Location: USA
Posts: 415
Likes: 0
Received 0 Likes
on
0 Posts
Little more clarity(or confusion) on the situation
Cargo load factor break even 64.5 actual 65
Passenger seat factor break even 75?? actual 75
Lease payments up by 30%
Overall ME3 March '17 load factor was 73% per The Economist.
Cargo load factor break even 64.5 actual 65
Passenger seat factor break even 75?? actual 75
Lease payments up by 30%
Overall ME3 March '17 load factor was 73% per The Economist.
No Peter. If you are due a new suitcase you are issued one for free. If you feel the need to get a new one when not due, you buy one. No different to now. There are serious issues here. Don't dilute them with dribble.
Join Date: Mar 2013
Location: varied
Posts: 38
Likes: 0
Received 0 Likes
on
0 Posts
Ok, I grant you, pretty minor in the grand scheme. However, I just read the FAQ, and there is no longer a standard 4 year replacement interval. You only get the new one if current one is beyond repair. Otherwise you pay.
Think my roster has wound me up too much...
Think my roster has wound me up too much...
Red wine helps.
Join Date: Nov 2009
Location: Dusty West
Age: 53
Posts: 625
Likes: 0
Received 0 Likes
on
0 Posts
Join Date: Jun 2002
Location: UAE
Posts: 662
Likes: 0
Received 0 Likes
on
0 Posts
Although not really caring that much, if you use the new uniform App, it automatically tells you when you're due a new item... including the 3 year issue of the case. Nothing has changed.
Join Date: Jul 2000
Location: Dubai - sand land.
Age: 55
Posts: 2,832
Received 0 Likes
on
0 Posts
Originally Posted by 777-200LR
Word from across the river in Doha is they are about to announce a record profit.
Join Date: Mar 2013
Location: varied
Posts: 38
Likes: 0
Received 0 Likes
on
0 Posts
The (well buried) FAQs state otherwise. No more replacement interval. Only if beyond repair.
Join Date: Feb 2005
Location: UAE
Posts: 376
Likes: 0
Received 0 Likes
on
0 Posts
Not sure what your point is there. FR is a more profitable sustainable business.
EK has a tiny home market shared with AD and a business model based on hubbing pax via Dubai.
New generation aircraft and low oil prices are bound to put pressure on all those eggs in one basket.
EK has a tiny home market shared with AD and a business model based on hubbing pax via Dubai.
New generation aircraft and low oil prices are bound to put pressure on all those eggs in one basket.