Emirates Group profit up 65%, revenue down 2.3%

Emirates Group has recorded a 65% rise in profit iin the first six months of its 2015-16 financial year to AED 3.7 billion, marking one of its best half-year profit performances ever. Revenue was down by 2.3% to AED 46.1 billion, which the group says was negatively impacted by a strong US dollar. Emirates’ profit jumped by 65% to AED 3.1 billion, carrying more than 25 million passengers during the said period, with nine new aircraft increasing capacity by 14%. Meanwhile, overall profit for dnata increased by 64% to AED 557 million, driven by the consolidation of its major international acquisitions, Stella Group and Toll dnata.His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said, “Our top-line figures were hit hard by the strong US dollar against other major currencies. The currency exchange situation, combined with ongoing regional conflict and weak economic outlook in many parts of the world, dampened the positive impact of lower fuel prices during the first half of our 2015-16 financial year. Emirates also made the decision to pass on savings from the lower fuel prices to our customers by cancelling passenger fuel surcharges, and lowering fares across the network.” He added, “That the Group is reporting one of its most profitable first half-year performances ever, speaks to the strength of our underlying business. In first six months of this year, Emirates and dnata grew in terms of capacity, capability and global reach - organically, and for dnata through strategic acquisitions as well. Looking ahead, we will continue to build on our core strengths by investing in new ways to improve efficiencies and deliver the best customer outcomes. At the same time, we will keep an eye out for strategic growth opportunities, and stay agile so that we can respond effectively to external challenges.”