Emirates posts 21st consecutive year of profit in 2008-09
Friday, 22 May 2009
FE Report
Emirates Group has reported its 21st consecutive year of net profit for its fiscal 2008-09 despite unprecedented challenges for the airline and travel industry, said a press release.
The group's net profit of AED 1.49 billion (US$ 406 million) for its fiscal year that ended on March 31 last, was down 72 per cent from the previous year's record profits of AED 5.3 billion ($1.45 billion), showing the impact of the record fuel prices in the first six months of the year, and the impact of the global recession.
The group revenues of AED 46.3 billion ($12.6 billion), representing an increase of 10.4 per cent more than the previous year's AED 41.9 billion ($11.4 billion), reflects continued business growth.
It also retained a healthy cash balance of AED 8.7 billion ($2.4 billion) compared with AED 14 billion ($3.8 billion) the previous year.
In 2008-09, the group estimates a total contribution of AED 58.8 billion ($16.0 billion) to the UAE economy.
Emirates Group has reported its 21st consecutive year of net profit for its fiscal 2008-09 despite unprecedented challenges for the airline and travel industry, said a press release.
The group's net profit of AED 1.49 billion (US$ 406 million) for its fiscal year that ended on March 31 last, was down 72 per cent from the previous year's record profits of AED 5.3 billion ($1.45 billion), showing the impact of the record fuel prices in the first six months of the year, and the impact of the global recession.
The group revenues of AED 46.3 billion ($12.6 billion), representing an increase of 10.4 per cent more than the previous year's AED 41.9 billion ($11.4 billion), reflects continued business growth.
It also retained a healthy cash balance of AED 8.7 billion ($2.4 billion) compared with AED 14 billion ($3.8 billion) the previous year.
In 2008-09, the group estimates a total contribution of AED 58.8 billion ($16.0 billion) to the UAE economy.