Emirates Group reports record profit
May 13-The Emirates group reported a record 248 per cent jump in its net profit for the year 2009-10, it was learnt on Thursday. The 2009-10 Annual Report of the Emirates Group - comprising Emirates Airline, Dnata and their subsidiary companies – was released on Wednesday at a news conference.
According to details, the group’s net profit increased to Dh4.2 billion for the financial year ended March 31, 2010. Group revenue remained stable at Dh45.4 billion reflecting lower passenger and cargo yields offset by increased traffic. The group profit margin improved to 9.1 per cent from 2.6 per cent a year earlier. “It has been an exceptional year of continued profitability against a backdrop of the worst global recession in generations. The first half of the financial year however, was extremely challenging as the world continued to grapple with the economic crisis. Our pioneering spirit and ability to adapt in adverse conditions helped us to push through this harsh economic climate with an extremely strong performance in the latter part of the year,” Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said.
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