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Emirates Group optimistic as profit fall

DUBAI: May 11, 2017. Emirates Group has reported a net profit of US$670 million on revenue of US$25.8 billion for its 2016/2017 fiscal period – a decline of 70 percent year-on-year as revenue rose two percent.

Airline revenue remained unchanged at US$23.2 billion but net profit fell 82 percent to US$340 million. The group increased the number of employees 11 percent to over 105,000.

By contrast, dnata revenue for the 12 months rose 15 percent to US$3.3 billion and net profit increased by a similar percentage to reach US$350 million. The company handled over 620,000 aircraft and 2.8 million tonnes of cargo during the period – a 60 percent and 38 percent rise respectively.

EK  dnataChairman and CEO of Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum said the year had been one of the most challenging to date: "From the Brexit vote to Europe's immigration challenges and terror attacks, from the new policies impacting air travel into the US, to currency devaluation and funds repatriation issues in parts of Africa, and the continued knock-on effect of a sluggish oil and gas industry on business confidence and travel demand."

Emirates SkyCargo contributed US$2.9 billion or 13 percent of the airline's total transport revenue, a decline of five percent year-on-year, as yield fell eight percent and tonnage flown increased three percent to 2.6 million.

None of Emirates' six market regions contributed more than 30 percent of overall airline revenue with Europe the highest at US$6.5 billion, unchanged from 2015-16. East Asia and Australasia produced US$6.2 billion, up one percent; Americas revenue rose three percent to US$ 3.4 billion; and Gulf and Middle East revenue increased four percent to US$ 2.4 billion).

The airline noted a four percent decline in Africa revenue to US$2.4 billion, and a three percent fall in West Asia and Indian Ocean revenue to US$ 2.0 billion.

Looking to the remainder of 2017 Sheikh Ahmed added: "We remain optimistic for the future of our industry, although we expect the year ahead to remain challenging with hyper competition squeezing airline yields, and volatility in many markets impacting travel flows and demand."

In the foreword to the group's annual report vice president and prime minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Saeed Al Maktoum, noted that optimism, coupled with the relentless pursuit of excellence and sustainable success, are part of the ethos embedded in UAE institutions and companies: "These organizations play a vital role in translating our aspirations for the future into positive outcomes for the various sectors of our country.

"The Emirates Group is one of our national companies that exemplify balanced growth, innovation, and resilience. Both Emirates and dnata have a track record of investing in its people, in its business, in new technologies, and working with partners on innovative solutions," he declared.

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