Emirates Group has announced record net profits of $762 million for the year to March 31, up 5% from the year before.
The group, which comprises Emirates Airline, Dnata and subsidiary companies, said group revenue jumped 27% to $6.6 billion, despite soaring fuel costs. Profit for the airline division reached a record $674 million, up from $656 million the previous year.
Announcing the results, chairman and chief executive Sheikh Ahmed bin Saeed Al-Maktoum, said: “It has been another tough year with pressure from fuel costs continuously dampening our robust net income production. Emirates has returned its 18th consecutive annual profit, and we are pleased to have achieved this solid performance while expanding our operations in an increasingly competitive environment.”
He denied accusations that Emirates receives hidden government support and subsidies, claiming the company’s success was based on “a sound and simple business model”.
The airline forecasts that its fleet will comprise 156 aircraft by 2010, serving 101 destinations and carrying some 26 million passengers.
Destination and Leisure Management, a division of Emirates Airline, announced new projects, including Emirates Wolgan Valley Resort and Spa, a conservation-based luxury development in Australia‘s Blue Mountains, a 70-storey deluxe city hotel in Dubai, and Emirates Marina Serviced Apartments and Spa in Dubai. All will be managed under the division’s new hospitality brand, Emirates Hotels and Resorts.
Report by Bev Fearis
