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FINANCIAL NEWS
Emirates Group reports 63.3% hike in H1 profit
12 Nov 2012
(MENAFN) Emirates Group, the parent company of Dubai-based carrier Emirates, announced that its first-half operating profit soared 63.6 percent to USD645.7 million, up from USD394.8 million in last year’s same period, reported AP.
The group, which also includes cargo operations and the travel service Dnata, said that revenue and other operating income jumped 16 percent from a year ago, reaching USD10.4 billion.
The company attributed the notable growth in first-half results to less volatility across the wider Middle East, as last year’s Arab Spring harmed flight schedules.
Furthermore, last year’s results were affected by higher oil prices, however, during the first half of 2012, fuel prices accounted for 39 percent of the company’s expenditures, less by 2 percentage points from 2011.
The bulk of the company’s growth was registered at the Emirates airline, which reported a 15.4-percent rise in passenger traffic, reaching 18.7 million passengers.
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