Record profits for Emirates

A 28th consecutive year of profit and steady business expansion were announced on Tuesday by the Emirates Group.

The company, made up of the Emirates airline and air-service provider dnata, said it ended the 2015-16 financial year with record profits and in a strong position despite “global and operational challenges” during the period.

The group posted an AED8.2bn (US$2.2bn) profit for the year to 31 March 2016, up 50% from 2014-15. 

Group revenue reached AED93bn (US$25.3bn), 3% down, while the group’s cash balance increased strongly to AED23.5bn (US$6.4bn).

Chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said the results had been achieved against an unfavourable currency situation which eroded revenues and profits.

Other factors were an uncertain global economic environment dogged by weak consumer and investor sentiment, and “ongoing socio-political instability in many regions”.

Emirates received 29 new aircraft, its highest number during a financial year, including 16 A380s, 12 B777-300ERs and one B777F, bringing its total fleet to 251 at the end of March. 

Nine aircraft were phased out, taking the average fleet age down to 74 months, about half the industry average.

The airline remains the world’s largest operator of the B777 and A380.

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