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Emirates reports profit jump

DUBAI: May 10, 2016. Emirates Group reported a 50 percent increase in profits to US$2.2 billion for its financial year ending March 31, 2016 on revenue of US$25.3 billion, a 3.0 percent drop over the previous period. The Group declared a dividend of US$ 681 million to its principal owner, the Investment Corporation of Dubai.

EK A380sEmirates SkyCargo reported revenue of US$3.0 billion, a decline of 9.0 percent over 2015/16 as uplift increased 6.0 percent to reach 2.5 million tonnes. The division contributed 14 percent of the airline’s total transport revenue and remained the No.1 air cargo carrier worldwide as measured by freight tonne-kilometers flown.

Last year saw increased freighter operations to Mexico City and the launch of new services to Ho Chi Minh City, Ahmedabad (India), Columbus (USA), Algiers, and Ciudad Del Este (Paraguay) with a fleet that included 13 B777F and two B747-400F.

Dnata reported profit of US$287 million on revenue of US$2.9 billion for 2015/16 with international business accounting for over 64 percent of the total. Revenue from its UAE airport operations, including aircraft and cargo handling, increased 13 percent to reach US$777 million.

While the number of aircraft handled by dnata in the UAE rose 12 percent to 211,000, cargo handling dropped 6.0 percent to 689,000 tonnes - “reflecting the cargo industry’s ongoing malaise,” noted the company.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO Emirates Airline and Group said the rise of the U.S. dollar against currencies in most of Emirates’ key markets had reduced the airline’s bottom line by US$ 1.1 billion in the past 12 months.

“Looking at the year ahead, we expect that the low oil prices will continue to be a double-edged sword – a boon for our operating costs, but a bane for global business and consumer confidence. The strong U.S. dollar against major currencies will remain a challenge, as will the looming threat of protectionism in some countries,” he said.

For 2016-17, Emirates has announced new routes to Yinchuan and Zhengzhou in China, Yangon in Myanmar and Hanoi in Vietnam, in addition to capacity upgrades to existing destinations.

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