Emirates Airline's profits increased 165% in the first half compared with the same period of 2008, says the Dubai-based carrier.
A net profit of Dhs752 million ($205 million) was achieved in the six months ending 30 September 2009, according to Emirates. The comparable figure for 2008 was Dhs284 million.
Total revenue, at Dhs19.8 billion, actually dropped by 13.5% due to lower passenger and cargo yields, but this was more than offset by a 15.8% fall in costs to Dhs19 billion - the result of lower fuel prices and cost containment measures.
Available seat kilometres grew by 22% as the Emirates fleet and route network continued to expand, while revenue passenger kilometres rose by 21%. Load factor was 77.5%, down from 78.3% for the same period a year earlier. In the six-month period, Emirates carried more than 13 million passengers and more than 700,000 tonnes of cargo.
Emirates' chairman and chief executive, Sheikh Ahmed bin Saeed Al Maktoum, remains cautious about the airline market's prospects in the short term. "While some say the green shoots of economic recovery are sprouting, we expect it will take at least another year or two before demand for air transport and travel services starts picking up again. In the meantime, Emirates is well placed to weather the rest of the storm."
At 30 September the carrier had a cash position of Dhs6.7 billion, down from Dhs7.4 billion six months previously. Major expenditure items in the period included pre-delivery payments for new aircraft on order, construction projects in Dubai, and an interiors upgrade on some of the 139-strong fleet.
Source: Air Transport Intelligence news
