Emirates reports 41% rise in profit for first half of year

Airline Industry Information, Nov 16, 2004

AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD

Dubai-based Emirates Airlines has reported a 41% rise in net profit to USD236m for the first half of its current financial year, the six months ending September 2004.

The airline said that strong passenger and cargo growth coupled with better yields offset its rising fuel costs caused by the high price of oil. Emirates carried 25.5% more passengers in the first six months ending September 2004 than over the same period in 2003, with cargo revenue rising by 42% on a 27% increase in tonnage.

Emirates' operating profit rose to USD2.2bn, up from USD1.6bn, with its liquidity on 30 September 2004 standing at USD1.70bn, down from USD1.76bn six months earlier due to dividend payments to the government of Dubai. The airline has USD30.3bn worth of new aircraft on order, reports Reuters.

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