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FINANCIAL NEWS
Emirates eyes $1b revolving credit line
11 Jan 2011
(MENAFN) Gary Chapman, Head of Finance and Services at Emirates Airlines, said that it is seeking to borrow $1 billion through a revolving-credit facility, in order to fund aircraft purchases and expand its fleet, Bloomberg reported.
According to Chapman, Emirates, the world’s biggest carrier by international traffic, has ordered 203 planes and will take delivery of two aircraft a month on average for the next six years. The airline needs more than $28 billion through 2017 for the expansion of its fleet.
As of the end of March, the Dubai government-owned airline has total borrowings and lease liabilities of $5.3 billion, revealed Chapman.
During the six months ending September, the carrier’s earnings quadrupled to $925.5 million from $204.7 million a year earlier, driven by a surge in passenger numbers and cargo handling. Emirates Airlines had $3.4 billion in cash at the end of September, he said.
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