São Paulo – Emirates Airline posted a profit of US$ 409 million in the fiscal year spanning April 1st, 2011 to March 31st, 2012. Though positive, Emirates’ profit result was 72.1% lower than last year. The airline saw a 14.9% increase in revenues, which stood at US$ 17 billion. In spite of the revenue hike, the company claimed that the “stifling” costs of aviation fuel had a direct impact on its results.
In the balance sheet published this Thursday (10th), Emirates claims that fuel costs rose by 44.4% in the 2011-2012 period, a rate equivalent to US$ 6 billion. Operational costs were up 24% in 2011-2012, during which revenues were up 16.2%. According to the company, these were not the only challenges during the fiscal year ended March 31st, 2012.
“In addition to the cost of fuel, Emirates had an operationally challenging year with the political unrest across the Middle East and North Africa affecting flight schedules. By keeping a tight focus on operations and modifying capacity and schedules Emirates was able to maintain profitability,” according to the airline’s statement.
According to the company, none of the six regions it operates in contributed with shares higher than 30% of its revenues. Revenues in East Asia and Australasia increased by 17.6% and reached US$ 5 billion. European revenues stood at 18.2%,, with US$ 4.6 billion in revenues. In America, revenues reached US$ 1.8 billion, 21.3% higher than in the preceding fiscal year. In the Indian Ocean, revenues increased by 10.6% and reached US$ 1.9 billion. The Gulf, Iran and the Middle East accounted for a 15.1% share of worldwide revenues, and Africa accounted for 9.5%. Each of these regions posted revenues of US$ 1.7 billion.
In the fiscal year ended March, the airline inaugurated 11 new routes, among them Rio de Janeiro and Buenos Aires, in January 2012. The company also received 22 new aircraft: 14 Boeing 777-300ER models, two Boeing 777F models (cargo) and six Airbus A380 models. It was the highest amount of aircraft units received by Emirates in one single fiscal year. The company has 232 aircraft orders placed.
Other results
Emirates SkyCargo posted US$ 2.6 billion in revenues in 2011-2012, a figure 8.4% higher than in the preceding fiscal year. The cargo volume carried also grew during the period and reached 1.8 million tonnes, 1.7% higher than in 2010-2011. The Emirates Group, which controls other companies, posted US$ 18.4 billion in total revenues and US$ 629 million in profit. It was the 24th consecutive year of positive results for the group.
*Translated by Gabriel Pomerancblum
