São Paulo – The Emirates profit grew 52% to 5.9 billion dirham (US$ 1.6 billion) in the twelve month period ending in March, despite the crisis in the region and higher fuel prices, according to figures disclosed by the company. Revenues grew 26.4%, to 57.4 billion dirham (US$ 15.6 billion). With the great revenues, the company’s cash balance reached 16 billion dirham (US$ 4.4 billion).
Among the causes for the expansion is the 14.5% growth in the number of passengers transported by the airline in the 2010-2011 fiscal year, according to the press statement disclosed by the company, which believes the growth will continue in the next decade.
“The customer is at the heart of our operations, evident in the 31.4 million passengers that flew with us throughout the financial year, an increase of 14.5% or 4 million passengers on last year,” said Ahmed bin Saeed Al Maktoum, Emirates CEO. The company’s fiscal year goes from April first one year to March 31st in the next year.
Another reason for the great growth in company profits was the great occupation rates in company flights, which reached 80%, on average, four percentage points above the general average for companies in the Middle East.
Emirates SkyCargo, the company’s cargo division, had revenues of US$ 2.4 billion, 27.6% more than the revenues in the previous fiscal year. These revenues resulted from the transport of 1.8 million tonnes of cargo, 11.8% more than in the same period in the previous year.
This year, Emirates signed orders for 32 new Airbus A380s aircraft and for 30 Boeing 777-300ER aeroplanes, for an estimated US$ 13.4 billion. With the new purchases, the company has an order portfolio of 193 aircraft, for an estimated US$ 66 billion. In the year, the company received eight new aircraft, including one Boeing 777-300ER and seven Airbus A380s, expanding its fleet to 148 aircraft. Emirates is the main operator of the A380, flying with 15 aircraft, and of the Boeing 777, with 86 aircraft in operation.
*Translated by Mark Ament
