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| Sunday, 21 November 2004 |
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| News Business Features Editorial
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Emirates earns net profit of US$ 236m Emirates has disclosed net profits of US$236 million (Dhs865 million) for the first six months of the financial year 2004-05, from 1st April to 30th September. The results, based on unaudited financial figures, are Emirates' best ever for any six-month period and compare with net profits of US$167m (Dhs612m) during the same period of last year - a 41 per cent increase. Strong passenger and cargo demand coupled with better yields helped to offset higher costs due to escalating jet fuel prices. Emirates' Chairman, HH Sheikh Ahmed bin Saeed Al-Maktoum, said: "These excellent results owe a great deal to a superb performance in the first quarter, while in the second quarter we started being severely impacted by the dramatic increase in jet fuel prices." Sheikh Ahmed concluded: "Emirates' strong profitability is a high priority, to enable us to afford the big investments required to protect our competitiveness and indeed our future, regardless of the high fuel prices expected to continue in the medium term." |
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