The Financial Express

Emirates net profit rose 282pc in first half of FY20  

Emirates net profit rose 282pc in first half of FY20  

In the first half of the 2019-20 financial year, Emirates’ net profit was $235 million, up by 282 per cent, compared to last year, according to a statement.

The Emirates Group comprising Emirates airline and dnata, among others announced its half-year results on Thursday.

Though, Emirates’ revenue, including other operating income, of $12.9 billion was down 3.0 per cent, the result was driven by increased agility in capacity deployment, with improved seat load factors and better margins.

Emirates Group revenue was $14.5 billion for the first six months of 2019-20, down by 2.0 per cent from during the same period last year.

This slight revenue decline was mainly due to planned capacity reductions during the 45-day Southern Runway closure at Dubai International airport (DXB), and unfavourable currency movements in Europe, Australia, South Africa, India, and Pakistan.

Group’s Profitability was up 8.0 per cent compared to the same period last year, with the Group reporting a 2019-20 half-year net profit of $320 million.

The profit improvement was primarily due to the decline in fuel prices of 9.0 per cent compared to the same period last year, however the gain from lower fuel costs were partially offset by negative currency movements.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group said, “As a group we remain focused on developing our business, and we will continue to invest in new capabilities that empower our people, and enable us to offer even better products, services, and experiences for our customers.” 

Emirates carried 29.6 million passengers between April 01 and September 30.

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