Emirates Group announces half year performance
Almasalla, ATP News- The Emirates Group announced on 12 November 2014 its half-yearly results which show steady performance and growth, despite a challenging business environment marked by ongoing health pandemic concerns, regional conflicts, and weakening global markets.
The Emirates Group revenues reached USD 12.9 billion for the first six months of its 2014-15 fiscal year, up 12% from USD 11.5 billion from the same period in 2013.
Net profit for the Group rose to USD 607 million an increase of 1% over the results in 2013. The Group’s cash position on 30 September 2014 was at USD 4.4 billion, compared to USD 5.2 billion as at 31 March 2014. This is due to ongoing investments mainly into new aircraft and other airline related infrastructure projects.
In the past six months, the Group continued to develop and expand its employee base, increasing its overall staff count by 5% to over 79,000 compared with 31 March 2014.
Emirates Airline
During the first six months of the fiscal year Emirates received 13 wide-body aircraft – 6 A380s, 7 Boeing 777s, with 11 more new aircraft scheduled to be delivered before the end of the financial year 2014-15 (31 March 2015). Emirates also expanded its global route network by launching services to four new destinations – Abuja, Chicago, Oslo, and Brussels, exponentially increasing the number of city-pair flight options that it provides to customers across the globe with each new city served.
Against the backdrop of unprecedented external challenges which led the airline to suspend the highest number of routes in a year and temporarily ground part of its fleet due to the runway closure, and despite a strong performance of the US dollar against other major currencies impacting revenues, Emirates continues to make a profit. In the first half of the 2014-15 fiscal year, Emirates net profit is USD 514 million, up 8% from the same period in 2013-14.
On average, fuel prices only softened marginally and towards the end of the six-month period. Fuel remained a large component of the airline’s cost, accounting for 38% of operating costs compared with 39% during the first six-month period in 2013.
In the first half of its financial year 2014-15, Emirates reported continued business growth, both in terms of capacity on offer and traffic carried. Capacity measured in Available Seat Kilometres (ASKM), grew by 6.5%, whilst passenger traffic carried measured in Revenue Passenger Kilometres (RPKM) was up 9.8% with Passenger Seat Factor increasing and averaging at 81.5%, compared with 79.2% in 2013. Emirates carried 23.3 million passengers between 1 April and 30 September 2014, up 8.4% from the same period in 2013. The volume of cargo uplifted was up by 5.4%, a remarkable growth and performance against the market trend.
Emirates revenue, including other operating income, of USD 12.0 billion was higher by 11% compared with USD 10.8 billion recorded in 2013, reflecting strong passenger and cargo demand.
