Emirates full-year profit increases 68pc to US$1.6 billion

DUBAI's Emirates Group posted a 68 per cent full year net profit increase for a record AED5.9 billion (US$1.6 billion) drawn on revenues of AED57.4 billion, up 26.4 per cent.


Emirates SkyCargo saw a strong increase in revenue, up 27.6 per cent to a record AED8.8 billion thanks to a worldwide rebound in cargo traffic. Over all cargo revenue, including passenger bellyhold, increased 12 per cent, despite a "difficult trading climate".


"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," said Emirates chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum.


Cargo tonnage increased 11.8 per cent over the previous year to 1.76 million tonnes, while freight yield per freight tonne kilometre was up 11.3 per cent. Cargo revenue contributed 17.4 per cent of the airline's transport revenue.


During the year, Emirates SkyCargo introduced Almaty, Bagram, Campinas and Erbil as freight-only destinations deploying freighter fleet of seven - three on wet lease and four on operating lease.


Operating costs were 22.7 per cent more than the 2009-10 largely because of the rise in fuel prices - up 41.2 per cent alone - as well as greater activity and a larger staff. Fuel accounted for 34.4 per cent of operating costs.


Emirates took delivery of eight new aircraft during the year, including one Boeing 777-300ER and seven of the airline's flagship A380s, expanding the fleet size to 148 aircraft, including 15 A380s and 86 B777s.
(Source:http://www.schednet.com)