Emirates bucks the trend, reporting profits
Emirates, Dubai’s state-owned airline, has reported an increase in profits in 2001 despite a fall-off in international air travel after September 11.
Emirates’ profits rose 11 per cent from Dhs421.8 million (US$115m) to Dhs468.2 million (US$127m). Airline passenger numbers grew by 18.3 per cent to 6.8 million.
Maurice Flanagan, Emirates’ Group Managing Director said that following the events of September 11, “Traffic on most of our routes, especially our crucial European routes, fell drastically. It is, therefore, satisfying to be able to report, less than seven months later, that the Group more than recovered its equilibrium.”
Dubai’s location, the government’s open-skies policy and the airline’s competitiveness were given as the main contributing factors to recovery.
Group Chairman, HH Sheikh Ahmed bin Saeed Al-Maktoum said: “In a normal year, our profitable results would have been a superb achievement; in 2001-2002, it is exceptional and probably unique.”
He added that Emirates has lent its support to the Government of Dubai’s massive infrastructure plans to develop commerce and tourism and attract 15 million annual visitors by the year 2010.
In November, Emirates announced orders for $15 billion worth of new aircraft, covering 22 A380 super jumbos, 25 Boeing 777s, eight A340-600s and three A330-200s.
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