Article from BTNews 19 NOVEMBER 2018
Emirates net profit down 86%
Rising fuel costs and currency weakness are being blamed by Emirates Airline for an 86% drop in net profit for the first six months of its financial year to 30 September, from $452m in 2017 to $62m.
The group reported steady revenue growth compared to the same period last year, at AED54.4bn ($14.8bn) for the first six months of its 2018-19 financial year, up 10% from AED49.4bn ($13.5bn) during the same period last year.
Chairman and chief executive Ahmed bin Saeed Al Maktoum said: “Emirates and (airport services provider) dnata grew steadily in the first half of 2018-19. Demand for our high quality products and services remained healthy, as we won new and return customers across our businesses.”
“However, the high fuel cost as well as currency devaluations in markets like India, Brazil, Angola and Iran wiped approximately AED4.6bn from our profits.
“We are keeping a tight rein on controllable costs and will continue to drive efficiency improvement through the implementation of new technology and business processes.
“The next six months will be tough, but the Emirates Group’s foundations remain strong. Dubai continues to attract travel demand, as the airline saw 9% more customers enjoying Dubai as a destination in first half 2018-19 compared to the same period last year.”
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The A380 is a hungry beast - Mr Clark might be feeling the pressure.......