Emirates Airline profits climb to record result despite regional unrest

The global economic recovery last year helped Emirates reach record net profits of $1.5bn, although high fuel prices dragged down the performance.

The global economic recovery last year helped Emirates reach record net profits of $1.5bn, although high fuel prices dragged down the performance. EPA/ALI HAIDER

Emirates Airline profits soared 52 per cent to Dh5.4 billion (US$1.5bn) in the 12 months ending in March as the world's largest international airline sidestepped regional unrest, high fuel prices to post its best ever results.

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The Dubai carrier enjoyed a 14.5 per cent rise in passenger traffic in its 2010-2011 fiscal year to a record 31.4 million passengers, and officials said the airline would continue to grow throughout the decade.

"Looking ahead we have no plans to deviate from our proven strategy," said Sheikh Ahmed bin Saeed Al Maktoum, the chairman and chief executive of Emirates. "Despite unforseen challenges in the form of political instability and shocking natural disasters, we have managed through sheer determination, nimbleness and quick thinking to produce our best ever result."

Airline executives attributed the profits on the airline reaching its highest seat occupancy levels, with Emirates flights operating on average 80 per cent full, more than four per cent higher than the Middle East average.

The airline's air cargo division saw revenues rise 27.6 per cent to $2.4bn after carrying 1.8 million tonnes of freight, a rise of 11.8 per cent from the year earlier.

The carrier operates a fleet of more than 150 wide-bodied jets to more than 100 destinations on six continents.