Emirates reveals a nice set of figures
In a set of figures that will have some rival airline bosses gnashing their teeth, Emirates Airline has reported a more than four-fold increase in first-half net profit.
The Dubai-based carrier said profit for the period rose to 3.4 billion UAE dirhams (US$925.8 million) from 752 million dirhams (US$205m) in the year-earlier period.
Emirates’ revenue, including other operating income, of US$7.2 billion for the half-year represented a strong growth of 35.5 percent compared to revenue during the same period last year.
Emirates said the airline has seen a marked increase in passenger traffic, carrying 15.5 million passengers and recording a strong passenger seat factor at 81.2 percent, the highest ever for a first six month reporting period.
Premium class seat factors have also risen by 2.6 percentage points.
Emirates has been challenged recently by rival airlines over government export subsidies that let airlines in several nations finance aircraft from Boeing and Airbus at below-market rates.
Airlines in countries where Airbus or Boeing planes are manufactured aren’t eligible for subsidies. That includes carriers in the US, UK, Germany, Spain and France.
According to a study commissioned by the US Air Transport Association, eight of the top 10 overseas airlines benefiting from the loan guarantees serve US markets.
The study by LECG LLC found financing guaranteed by the US Export-Import Bank helped Emirates achieve a 3.47 percent interest rate in the purchase of three Boeing 777-300 aircraft, while Delta paid a 9.5 percent rate for three Boeing 777-200LRs.
Ian Jarrett
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