Dubai airline posts record profits

10/05/2011 - Dubai Investment News Posted by Neil King
Dubai airline posts record profits

Emirates Group has posted record profits for the 2010-11 financial year.It has reported net profit of AED 5.9 billion, the 23rd consecutive year of profit.As for the Dubai-based Emirates airline, profit was at AED 5.4 billion for the year, representing annual growth of 25 per cent.According to the company, it coped with the political turmoil in the Middle East by adjusting flight schedules and redeploying aircraft to optimise revenue.The airline has also expanded, with 32 new Airbus A380s and 30 new Boeing 777-300ERs, bringing its fleet to 148 aircraft.Over the year, it launched flights to six new destinations - Amsterdam, Prague, Al Medinah al Munawarah, Madrid, Dakar and Basra - and increased frequency on the most popular routes.Sheikh Ahmed bin Saeed Al Maktoum, chairman of Emirates Group, commented: "This year's record results represent our drive to push the boundaries of aviation, questioning the norms and advocating for open and fair competition."Despite unforeseen challenges in the form of political instability and shocking natural disasters we have managed, through sheer determination, nimbleness and quick thinking, to produce our best ever result."