Emirates hits new high with record results

*US $ 925 million net profits, up 351 percent

*Significant business growth with 15.5 million passengers carried, up 17.3 percent

*Passenger seat factor at 81.2 percent, the highest ever for a first six month period

*62 new aircraft ordered to further drive airline’s growth

Emirates produced a net profit of US $ 925 million, for the first six months of its current financial year ending September 30, 2010. This represents an outstanding 351.2 percent increase compared to US $ 205 million, for the same period in 2009.

“The results for the first half of the 2010-11 financial year are incredibly robust, and reflect Emirates’ success in growing customer demand, supported by investment in new aircraft, products and customer service. We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries. Our strong position today is reflective of our ability to adapt, returning us to a vigorous period of growth.

Sheikh Ahmed bin Saeed Al-Maktoum

“With 62 new state-of-the-art aircraft ordered in the first half, we remain well positioned to capitalise on this growth,” said Emirates Airline and Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al-Maktoum said.

Highlighting a positive shift in the aviation sector, Emirates airline has seen a marked increase in passenger traffic, carrying 15.5 million passengers and recording a strong passenger seat factor at 81.2 percent, the highest ever for a first six month reporting period.

Premium class seat factors have also risen by 2.6 percentage points, reflecting an encouraging change in the global economic outlook.

Emirates’ cash balances grew to US $ 3.4 billion at the end of September, a significant improvement of 18.5 percent or US$ 529 million when compared to March 31, 2010. This increase in the cash balance was achieved after settling capital outflows of AED 2.4 billion, primarily towards aircraft pre-delivery payment and other aircraft assets.

During the first half, the airline has also successfully raised financing of US $ 1.3 billion. Fuel continues to be the most significant expenditure for the airline with operating costs up 22.6 percent to US $ 6.3 billion.

“Investing in the future and adapting our operations when required is an integral part of our corporate strategy. This flexibility affords us the option of increasing passenger and cargo services on high demand sectors. By following these positive spikes in regional economies we have been able to maximize the use of our fleet to further stimulate revenue,” Sheikh Ahmed said.

Emirates’ revenue, including other operating income, of US $ 7.2 billion for the half-year represented a strong growth of 35.5 percent compared to revenue of US $ 5.3 billion during the same period last year.