Emirates has seen profits increase by 56.4 per cent to 7.1 billion dirhams ($1.9 billion) for the 2015-16 financial year despite revenue falling.
Revenue for the group was down by 4.3 per cent to 85 billion dirhams, due to currency devaluations against the US dollar and adjustments following falling fuel prices. Emirates SkyCargo saw its revenue fall by 9.4 per cent to 11.1 billion dirhams with yields falling due to weakening of major currencies, despite volumes increasing by six per cent to 2.5 million tonnes.
Emirates Airlines and Group chief executive and chairman, His Highness Sheikh Ahmed bin Saeed Al Maktoum says: “Against an unfavourable currency situation which eroded our revenues and profits, an uncertain global economic environment dogged by weak consumer and investor sentiment, as well as ongoing socio-political instability in many regions around the world, the Group’s performance is testament to the success of our business model and strategies.”
During the year, Emirates SkyCargo expanded its network to Mexico City, Ho Chi Minh City, Ahmedabad (India), Columbus (US), Algiers and Ciudad Del Este (Paraguay), in addition to bellyhold capacity on passenger routes. Emirates SkyCentral at Al Maktoum International was officially inaugurated and Emirates SkyCargo’s fleet increased to 15 aircraft with the delivery of a Boeing 777 Freighter.
Dnata also broke the one billion dirhams profit mark for the first time in its history, and revenue increased to 10.6 billion dirhams. It increased its global presence by acquiring Aviapartner’s cargo business at Amsterdam Airport Schiphol; Ground Handling SPA at two Milan airports, and RM Ground Services in Brazil.