Emirates announces impressive revenue figures

15/11/2012 - Dubai Investment News Posted by Bob Brunskill
Emirates announces impressive revenue figures

Emirates Group has announced a 68 per cent increase in net profits, with the Dubai-based airline buoyed by sustained passenger growth and an expanding fleet of aircraft.The carrier's net profits for the first six months of its current fiscal year totalled AED 2.1 billion (£360 million), compared with the AED 1.3 billion it made in the same period last year.Meanwhile, the group's revenue and other operating income rose by 16 per cent to AED 38.2 billion.Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of the airline, said the figures were "the result of hard work and our drive to stay on course and continue to grow despite the precarious marketplace".He added: "The instability in the market over the past six months has put Emirates to the test and once again we have risen to the challenge."The airline's recent fortunes are in stark contrast to some of its large European rivals, which have struggled in the face of higher fuel prices and competition from budget carriers offering short-haul flights.Emirates is the largest airline in the Middle East and one of the world's fastest growing carriers. It has launched five new destinations since April 2012, with flights now operating to Ho Chi Minh City, Barcelona, Lisbon, Washington DC and Erbil in Iraq.The airline also continued to expand its long-haul capacity by taking delivery of 13 new aircraft during the six-month period. Two more A380s and ten Boeing 777s have been added to the Emirates fleet, while another 15 planes are expected to join before the end of the financial year in March 2013.Figures released by Dubai Airports last month indicated that Emirates' ongoing expansion is continuing to push passenger numbers up at Dubai International.In September, passenger traffic at the airport posted a year-on-year increase of 12.8 per cent, with more than 4.7 million people travelling through the hub.