Emirates Airline to pay in full USD500m sukuk

13 Jun 2012

(MENAFN) Dubai-based carrier Emirates Airline said it will pay in full a USD550 million Islamic bond (sukuk) due this month, Gulf News reported.

The newspaper quoted Emirates’ president Tim Clark as saying that the sukuk, due in June 16, will not be refinanced, reiterating on the strong financial position of the airline for its future aircraft order commitment, but may consider another bond issue if required.

Emirates’ cash balance stood at USD4.25 billion as of March 31, 2012.

Earlier this month, Emirates said its last year profits were down by 72 percent, hurt by a sharp rise in fuel costs.

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