Emirates reports 51 percent net profit increase in 1H 2003
Emirates Airlines has achieved record half-yearly profits of 612 million Emirati dirhams ($167 million), 51 percent up on the same period last year, stated a press release.
The results, based on unaudited financial figures, compare with net profits of Dh 404.2 million last year. Higher passenger and cargo yields more than offset a small short-term fall in seat factors during the SARS outbreak and Iraq conflict.
Emirates' Dh 5.8 billion operating revenue for the half-year recorded strong growth of 33 percent compared to Dh 4.3 billion during the same period last year. Seat factor fell by just 8.2 percent points to 69.8 percent, with the impact of SARS and military action in Iraq, but recovered in the second quarter to 77.5 percent. Passengers carried rose 17.7 percent to 4.8 million for the half-year, compared to 4.1 million for the 2002/3 half-year.
Emirates has $26 billion worth of new aircraft on order and is constantly expanding its route network. It already flies to 70 cities in 50 countries with a fleet of 51 passenger aircraft, on average three years old, and services to Brisbane, Lagos and Accra start soon. Flights to North America begin next year. — (menareport.com)
© 2003 Mena Report (www.menareport.com)