Emirates airline profit rebounds on cost savings

AFP, DUBAI: Leading Middle East airline Emirates said yesterday its half year net profit rebounded strongly from a slump last year due to cost saving measures and favourable exchange rates. The Dubai flag carrier said it posted a net profit of $452 million in the period from April to September, up 111 per cent on the same period last year. That was more than the $340 million net income for the whole of the last fiscal year to March 31.

The rise in earnings was driven by “capacity optimisation and efficiency initiatives across the company, steady business growth, and a more favourable foreign exchange situation compared to the same period last year,” the airline said. Emirates, which operates a fleet of 264 aircraft, had blamed fierce competition, currency devaluations and US travel restrictions for the 82.5 plunge in its profit in the previous fiscal year.

“The easing of the strong US dollar against other major currencies helped our profitability. We are also seeing the benefit from various initiatives across the company to enhance our capability and efficiency with new technologies and new ways of working,” said chairman and CEO Sheikh Ahmed bin Saeed al-Maktoum.

“Moving forward, we will continue to keep a careful eye on costs while investing to grow our business and provide our customers with world-class products and services,” he said.

Emirates airline profit rebounds on cost savings

AFP, DUBAI: Leading Middle East airline Emirates said yesterday its half year net profit rebounded strongly from a slump last year due to cost saving measures and favourable exchange rates. The Dubai flag carrier said it posted a net profit of $452 million in the period from April to September, up 111 per cent on the same period last year. That was more than the $340 million net income for the whole of the last fiscal year to March 31. The rise in earnings was driven by capacity optimisation and efficiency initiatives across the company, steady business growth, and a more favourable foreign exchange situation compared to the same period last year, the airline said. Emirates, which operates a fleet of 264 aircraft, had blamed fierce competition, currency devaluations and US travel restrictions for the 82.5 plunge in its profit in the previous fiscal year. The easing of the strong US dollar against other major currencies helped our profitability. We are also seeing the benefit from various initiatives across the company to enhance our capability and efficiency with new technologies and new ways of working, said chairman and CEO Sheikh Ahmed bin Saeed al-Maktoum. Moving forward, we will continue to keep a careful eye on costs while investing to grow our business and provide our customers with world-class products and services, he said.