Emirates reports record profit despite challenges
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The Emirates Group has marked its 23rd consecutive year of profit with a record performance of AED 5.9 billion (US$ 1.6 billion) net profit, despite a challenging business climate. The 2010-11 Annual Report of the Emirates Group – comprising Emirates Airline, dnata and their subsidiary companies – was released in Dubai yesterday at a news conference hosted by His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO, Emirates Airline and Group. “This year’s record results represent our drive to push the boundaries of aviation, questioning the norms and advocating for open and fair competition. Despite unforeseen challenges in the form of political instability and shocking natural disasters we have managed, through sheer determination, nimbleness and quick thinking, to produce our best ever result,” said Sheikh Ahmed. The Group’s revenue increased by 26.4 percent to top US$ 15.6 billion. Strong revenue has been the main driver for the Group’s record financial performance. The Group’s cash balance rose substantially to hit a record high at AED 16 billion (US$ 4.4 billion). “A clear indication of our strength, this year’s financial result represents the tireless work of our 57,000 strong workforce. Operating without subsidy and through a well thought out business model we have, as a team, been able to confront adversity on many levels,” added Sheikh Ahmed.”Emirates continues to dismiss the perceived limitations of the aviation industry, advocating for an open skies environment that stimulates competition, an undeniable positive for the customer. 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 percent or 4 million passengers on last year.” Emirates Airline’s revenues grew by 25 percent from last year to reach AED 54.4 billion (US$ 14.8 billion). Airline profits of AED 5.4 billion (US$ 1.5 billion) marked an increase of 51.9 percent over 2009-10’s profits of AED 3.5 billion (US$ 964 million). Passenger Seat Factor, at 80.0 percent, indicates the airline’s highest ever. Overall capacity, measured in ATKM (Available Tonne Kilometres), rose 12.4 percent to 32,057 million tonne-kilometres.
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