Emirates Airline' cash balances grew to Dhs12.5 billion ($3.4 billion) for the first six months of its current financial year ending 30 September 2010.
The Middle East carrier recorded a Dhs3.4 billion net profit for the period and strenghened its cash position by 18.5%, or Dhs1.9 billion, compared to 31 March 2010.
Emirates says the increase was achieved after settling capital outflows of Dhs2.4 billion, primarily towards aircraft pre-delivery payment and other aircraft assets.
the carrier took delivery of six long-haul aircraft over the first half - five Airbus A380-800s and a Boeing 777-300ER - but will receive only two more by the end of the current financial year (31 March 2010). During the first half, the carrier successfully raised financing of Dhs4.6 billion.
Emirates chairman and CEO Sheikh Ahmed bin Saeed Al-Maktoum describes the performance as "incredibly robust". "Our strong position today is reflective of our ability to adapt, returning us to a vigorous period of growth," he adds.
Emirates' revenue, including other operating income, of Dhs26.4 billion for the half-year represented a strong growth of 35.5% compared with Dhs19.5 billion during the same period last year. Operating costs were up by nearly 23% to Dhs23 billion. The Dubai-based operator transported 17% more passengers, a total of 15.5 million, and achieved a passenger load factor of 81.2%.
Source: Commercial Aviation Online
