Airline earns $674 million - UAE  

The Emirates Group yesterday announced $762 million net profits for the last financial year, as it emerged on another record-breaking performance.
Shaikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group said profit for the airline alone was an impressive $674 million, the rest being attributed to DNATA.

He said: "This is in spite of the fact that fuel prices are on an increase all the time and this has resulted in a big strain. "All of this has, however, been more than made up with tremendously-increased passenger loads, more cargo carriage, an impressive array of aircraft and their optimum utilisation."
He said the airline will continue to strive to make Dubai into a city of the future and will remain part of the overall growth plans. "This is the 18th straight year of profits but this has, perhaps, been the most remarkable year of our growth."
Group revenue increased by an $1.4 billion, or 27 per cent, to $6.6 billion, compared to $5.2 billion last year. The group's cash balance was $3 billion at the end of March, an improvement of 28.6 per cent .
He said for 2005-06, Emirates will pay an increased dividend of $105 million to its owner, the Government of Dubai, compared to $100 million last year. In total, the ownership will have received $396 million from Emirates since the financial year 2000-01.

The group's sales growth and record returns reflect customers' increasing preference for its products, as illustrated by the two million more passengers who flew Emirates in the latest financial year, for a new record total of 14.5 million.
"These results clearly show that Emirates' customer-oriented approach and investments in providing a quality product - the best aircraft that money can buy, top-flight service and travel experience at a competitive price - has paid off in terms of retaining and winning new customers globally," said Shaikh Ahmed
He said fuel costs remained the top expenditure accounting for 27.2 per cent of total operating costs, up from 21.4 per cent the previous year. "We have been forced to increase fuel surcharges on tickets, which only covered 41 per cent of incremental costs."

"Profitability through growth seems to have become a theme of Emirates for the past decade," he said. "I must stress that we have never set out to be a threat to any other airline. We have simply concentrated on trying to provide a superb service for our passengers and cargo customers."