Airline
Emirates Airline to give a third of profits to government
Dubai UAE, May 21- Emirates Group, that reported a profit of Dh4.2 billion for the year ending March 31, 2010, will pay Dh1.6 billion, a third of its profits, to the Dubai Government.
“Emirates has declared a dividend of Dh1.6 billion to its parent, the Investment Corporation of Dubai, a wholly owned Government of Dubai entity,” said a statement issued by the airline on Thursday. This is the highest dividend to date to be paid by Emirates to the government
“Against a background of the worst global recession in generations, large-scale economic uncertainty and unforgiving markets, the Emirates Group faced arguably its sternest test,” Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates Airline and Group, said.
Emirates profit results come at a time when Dubai World is struggling with debt problems.
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