Emirates announced its half-yearly results which show steady performance and growth, despite a challenging business environment.
In the first half of its financial year 2014-15, Emirates Airlines’ volume of cargo uplifted was up by 5.4 per cent. It also reported continued business growth, both in terms of capacity on offer and traffic carried. Capacity measured in ASKM, grew by 6.5 per cent, whilst passenger traffic carried measured in RPKM was up 9.8 per cent with Passenger Seat Factor increasing and averaging at 81.5 per cent, compared with last year’s 79.2 per cent.
The Emirates Group revenues reached AED 47.5 billion (US$ 12.9 billion) for the first six months of its 2014-15 fiscal year, up 12 per cent from AED 42.3 billion (US$ 11.5 billion) from the same period last year. Net profit for the Group rose to AED 2.2 billion (US$ 607 million) an increase of 1 per cent over the last year’s results. The Group’s cash position on 30th September 2014 was at AED 16.1 billion (US$ 4.4 billion), compared to AED 19.0 billion (US$ 5.2 billion) as at 31st March 2014. This is due to ongoing investments mainly into new aircraft and other airline related infrastructure projects.
“As the biggest operator at Dubai International, we also took the biggest hit to our bottom line from the 80-day runway upgrading works. However, we had anticipated it and made meticulous plans to minimise impact operationally and commercially for both Emirates and dnata. The success of these plans can be seen in our overall growth during this six-month period in spite of the challenge,” said His Highness (HH) Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive, Emirates Airline and Group.
dnata’s revenue including other operating income is AED 4.6 billion (US$ 1.2 billion), compared to AED 3.7 billion (US$ 1 billion) last year. Overall profit for dnata dropped by 26 per cent to AED 339 million (US$ 92 million). This was due to a number of factors including the impact of the runway enhancement works at Dubai International Airport which saw dnata handling fewer aircraft during this period, as well as costs incurred to set up and launch handling operations at Dubai World Central.
dnata’s airport operations remained the largest contributor to revenues with AED 1.4 billion (US$ 388 million), a 3 per cent increase compared to the same period last year. Across its operations, the number of aircraft handled by dnata dropped to 140,582, a reduction of 1 per cent.
dnata’s cargo handling division witnessed upward growth with revenues increasing by 18 per cent to AED 644 million (US$175 million) on account of increased tonnage by 3 per cent to 835,979 tonnes.