Latest Aviation News Air transport EMIRATES AIRLINE PROFIT DIVES 69 PERCENT IN 'TOUGH' YEAR

Emirates Airline profit dives 69 percent in 'tough' year

AFP
09/05/2019 | 332 words
Emirates Airline profit dives 69 percent in 'tough' year
Le Journal de l'Aviation - All rights reserved

Emirates Airline reported a 69 percent drop in net profits Thursday on high fuel prices and a strong dollar in what it described as a "tough" year.

The Dubai carrier posted $237 million in net profits for the financial year ending in March compared to $765 million in the previous year, it said in a statement.

"2018-19 has been tough, and our performance was not as strong as we would have liked," the chairman and chief executive of Emirates Group, Sheikh Ahmed bin Saeed Al-Maktoum, said in a statement.

"Higher oil prices and the strengthened US dollar eroded our earnings, even as competition intensified in our key markets," he said.

The airline said that the strengthening of the US dollar against most of the currencies of its key markets eroded $156 million from profits.

Its fuel bill increased by 25 percent to $8.4 billion, its biggest-ever.

Emirates said it transported 58.6 million passengers , almost unchanged from the previous year.

The region's -- and one of the world's -- biggest carriers said that despite the drop in profits, it invested $3.9 billion last year in new aircraft and equipment, and in acquisitions.

In February, Emirates cut 39 aircraft from its order for the Airbus 380 superjumbo, reducing it 123 and leading the European manufacturer to scrap production of the world's largest passenger airliner.

The airline invested part of the savings in orders for 40 A330-900s and 30 A350-900s, a deal worth $21.4 billion.

During the year, Emirates received seven A380s and six Boeing 777-300s and phased out 11 aircraft, expanding its fleet to 270 large planes.

The airline said that despite tough competition, its revenues increased by three percent last year to $26.7 billion.

It said that its results were also affected by a drop in global air freight demand and a weak travel market, especially in the Middle East.

 
 
 
 
Related articles

Emirates to resume Khartoum flights

Emirates airline profit more than doubles on cargo demand

Emirates airline profit rebounds on cost savings

Emirates says flights now exempt from US laptop ban

20/08 Lufthansa boss sees only 'dozen' long-haul airlines in future
18/07 A look back at how the partnership between AFI KLM E&M and GMF AeroAsia was finalised
18/07 A bright future for AFI KLM E&M's activities
18/07 Jean Kayanakis (Dassault Aviation): "Customer service quality is now clearly a critical argument"
18/07 A very good Paris Air Show for Collins Aerospace's aftermarket activities
18/07 Air Support becomes a Meggitt approved repair station for high pressure engine valves
26 JUL 2019
ATR has created a new independent Operations Directorate within its Executive Committee, which was previously only a department integrated into the Programs and Customer Services Directorate. Reporting directly to the CEO Stefano Bortoli, it will be headed by RAPHAEL DUBUS, previously Accountable Manager of Production Organisation. He will take office on September 1 and join the Executive Committee.
18 JUL 2019
S7 TECHNICS has started to manufacture plastic products using vacuum thermoforming. The new method will allow the Russian MRO company to considerably expand the range of items it is able to produce for aircraft interiors. The first parts produced were plastic passenger seat backs that are being installed on S7 Airlines' Airbus A320 family of aircraft.
18 JUL 2019
AESL (Aircraft End-of-Life Solution) has acquired an Airbus A330-200 (MSN 195, PW4000, CS-TOI, ex-TAP) for dismantling. The aircraft will land at Twente airport in late July.
18 JUL 2019
AAR has won a four-year maintenance contract with the ROYAL NETHERLANDS AIR FORCE (RNLAF) to perform maintenance, repair and overhaul of the CH-47 Chinook APU for Logistics Centre Woensdrecht (LCW). The US MRO company has been present on the RNLAF F-16 fleet for more than 25 years. AAR will provide this new contract from its Component Repair facility in Amsterdam.
18 JUL 2019
SAFRAN HELICOPTER ENGINES and THAI AVIATION INDUSTRIES (TAI) have signed an agreement to extend their support to helicopter engines used by the Royal Thai Armed Forces and Thai parapublic operators. This agreement, which follows a previous partnership signed in 2017 for Makila turbines (H225), is based on a Global Support Package (GSP) and now covers around fifty engines.
ALERTAVIA, the News platform for Aerospace and Defense industry Professionals.

Featured Content
AFI KLM E&M steps up a gear on CFM's LEAP
Sabena technics finally gets back on-board C-130Hs
Airbus and Thai Airways to launch a new joint venture MRO facility at U-Tapao
How Thai Airways will Expand Rolls-Royce's Trent Engine Service Network
China embarks on board aircraft recycling
LATEST NEWS   CIVIL AEROSPACE   MRO & SUPPORT   AIR TRANSPORT   DEFENCE   SPACE
Follow us
© 2019 Le Journal de l'Aviation - All rights reserved

By continuing to use the site, you agree to the use of cookies. You can find out more by following this link.  OK  Find out more