Surging demand pushes up Emirates profits

Surging demand pushes up Emirates profits

Emirates saw profits skyrocket during the first half of the financial year, with the Dubai-based airline recording a net profit of $925 million.

This is compared to a figure of $205 million for the same period in 2009, representing a 351 per cent increase.

Profits have been driven by significant business growth at the airline, with some 15.5 million passengers boarding flights in the six months to September 30th, up 17.3 per cent.

“The results for the first half of the 2010-11 financial year are incredibly robust, and reflect Emirates’ success in growing customer demand, supported by investment in new aircraft, products and customer service,” said Emirates Group chairman sheikh Ahmed bin Saeed Al-Maktoum.

“We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries.”

Emirates Airline chairman Sheikh Ahmed bin Saeed Al-Maktoum presented the record financial results

Load Factor

Highlighting a positive shift in the aviation sector, Emirates airline has seen a marked increase in passenger traffic, recording a strong passenger seat factor at 81.2 percent, the highest ever for a first six month reporting period.

Premium class seat factors have also risen by 2.6 per cent, reflecting an encouraging change in the global economic outlook.

Emirates SkyCargo has also seen a strong half year performance across the network, posting an increase in revenue of 48.4 per cent to AED 4.4 billion, with cargo tonnage up by 23.7 percent to 897 thousand tonnes, compared with 725 thousand tonnes for the same period last year.

SkyCargo continues to post steady revenue growth contributing around 17.8 percent of the airline’s transport revenue.

Emirates’ results continue a positive run in the aviation sector, with Ryanair, British Airways, ANA and Jet Airways all reporting strong results in the past few days.