Emirates posts half-year profits of Dhs 922 m

Dubai-based Emirates has announced net profits of Dhs 922 million (US$251 million) for the first six months of the financial year 2005-06, from April 1 to September 30.

The unaudited results, up seven per cent compared to Dhs 865 million ($236 million) achieved in the same period last year, reflect a strong revenue performance driven by robust passenger and cargo demand, and better yields, which softened the impact of high fuel prices on operating costs.

Emirates' Chairman, Sheikh Ahmed bin Saeed Al-Maktoum, said: "Emirates has delivered an excellent half-year result despite the fact that fuel cost rose 84 per cent compared to the first six months of our last financial year.

This robust half-year performance reflects strong revenue growth, and it also demonstrates the company's resilience and adaptability to new challenges in the operating environment." At Emirates, fuel accounted for 27 per cent of operating cost compared with 19 per cent during the same period last year.

Emirates SkyCargo's revenue posted a healthy growth of 33 per cent to Dhs 2.1 billion, with cargo tonnage rising by 20 per cent to 482,643 tonnes, compared with 404,305 tonnes for the same period last year. Emirates now operates seven all-cargo freighters - six Boeing 747s and one A310-300.