Emirates group post US$629mn profit, core airline net slips

Chandi Dharmaratne

May 10, 2012 (LBO) – Dubai-based Emirates airlines group said profits in the year to March 2012 rose 17.8 percent to 629 million US dollars, thought profits at the core airline fell amid with higher fuel prices. Group revenues rose 17.8 percent to 18.4 billion dollars. The group had gained control of Travel Republic Ltd, an online travel agency and a 50 percent stake in Wings Inflight Services of South Africa.

“Achieving our 24th consecutive year of profit and maintaining an upward growth trajectory is an achievement that belies the industry norm,” chairman Emirates group Sheikh Ahmed bin Saeed Al Maktoum said in a statement.

“Successful business growth is not a matter of luck, it is the result of sustained and calculated investment.

“Every dirham that we earn is strategically ploughed back into our business and it is this foresight that has allowed the Group to maintain such strong and consistent profitability.”

He said the group had invested 3.8 billion US dollars in new products. Last year it had sold a billion dollar and repaid a maturing 250 million Singapore dollar debt.

Emirates airlines had taken delivery of 22 aircraft.

The airlines revenues had grown 14.9 percent to 17