Emirates annual profit jumps 52% to $622 mn

Dubai’s Emirates Airline said on Thursday it posted $622 million in net profit in 2012-2013, a 52 percent boost on the previous year, as passenger numbers exceeded 39 million.

The carrier’s profit was “at AED 2.3 billion ($622 million/471 million euros), representing an increase of 52 per cent over last year’s results,” a statement said.

Emirates Group as a whole, which also includes Dnata travel services, posted 3.1 billion dirhams ($845 million) in net profit. Total revenues increased 17 percent to a record of 73.1 billion dirhams ($19.9 billion).

“Achieving our 25th consecutive year of profit... with our largest ever increase in capacity across the network is an achievement that speaks to the strength of our brands and our leadership,” said Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum.

The Middle East’s largest airline, which has become a major carrier between Europe, Asia and Australia, transported 39.4 million passengers, 16 percent up from the previous year.

Emirates said revenues from East Asia and Australasia remained the highest, rising 15 percent to $5.7 billion. Europe followed with $5.5 billion, up 18 per cent.

Revenues from West Asia and the Indian Ocean increased by 13 percent to $2.2 billion.

Middle East turnover was up 13 percent to $1.9, while revenues from the Americas surged 24 percent to $2.3 billion reflecting new destinations and increased frequency.

The carrier’s fuel bill also increased 15 percent to $7.6 billion.

In November, Emirates airline reported a 104 percent increase in half-year profit to 1.7 billion dirhams ($464 million).

In 2011-2012, profit slumped to $409 million from $1.5 billion a year earlier, due to economic pressures and record fuel prices.

Last month, the government-owned carrier launched a tie-up with Australia’s Qantas, which moved its hub for European flights from Singapore to Dubai in an attempt to turn around its struggling international business.

Emirates has a fleet of 197 planes, with firm orders for over 190 aircraft worth over $71 billion.

The carrier is the largest operator of Boeing’s long-haul 777 plane with 118 aircraft in service. It remains the largest single customer of Airbus A380 superjumbos, with 31 units in operation and 59 others on order.

In January, Emirates began operations from Dubai airport’s new concourse A, the world’s first-ever dedicated facility for Airbus A380.

AFP