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【 EMIARTES PROFIT RISES 25% 】
By Ivan Gale, Staff Reporter. GULF NEWS.
Dubai: Emirates airline rebounded in dramatic fashion from modest growth in 2005 due to high oil prices, posting a 25 per cent profit for its fiscal year ending in March.
The airline’s net profits rose to Dh3.1 billion ($844 million), surpassing the previous year’s results of Dh2.5 billion ($674 million) after Emirates carried 17.5 million passengers, three million more than in 2005.
The profits were taken from revenues of Dh29.8 billion ($8.1 billion) for the year, which was Dh6.8 billion ($1.8 billion) or 29.5 per cent higher than what the airline earned in 2005.
The results were released during a news conference announcing Emirates Group’s 2006-07, hosted by Shaikh Ahmad Bin Saeed Al Maktoum, chairman and chief executive, Emirates airline and Group.
The positive results come amid continued worry about fuel prices, a 22-month delay for its 43 Airbus A380 superjumbos on order, and the volatility of the US dollar against major currencies - to which the UAE dirham is pegged.
”These results, against a backdrop of rising costs and significant aircraft delivery delays which have impacted our capacity growth, demonstrate Emirates’ ability to adapt and knuckle down to the challenge,” said Shaikh Ahmad.
”For the third year running, pressure from fuel costs has softened our profits, while the delay on our A380 aircraft deliveries has meant that we have had to revisit our expansion plans.”
In 2006 Emirates launched passenger services to four new cities - Bangalore, Beijing, Nagoya, and Tunis, while its seat load factor remained relatively constant at 76 per cent. Also remaining unchanged was the carrier’s break-even point inching down to 59.9 per cent from 60.2 per cent last year.
The Emirates fleet now stands at 102 at the end of March, including nine freighters, after taking delivery of 12 new Boeing 777-300ER aircraft during the financial year.
The current wide-bodied fleet has an average age of 63 months. Over the next eight years, the airline will continue to receive delivery of one new aircraft per month on average to satisfy its Dh111 billion ($30 billion) orderbook (at list prices) for 107 new aircraft.
Emirates Group
Overall, Emirates Group - which comprises Emirates airline, Dnata and subsidiary companies - performed just as well, recording a group net profit increase of 23.5 per cent to Dh3.5 billion ($942 million).
The results mark the 19th consecutive year of profit for Emirates Group, which is wholly owned by the Government of Dubai.
Group revenue increased 28.4 per cent to Dh31.1 billion ($8.5 billion), which compares to Dh24.2 billion ($6.6 billion) in 2005. Initiatives to control costs helped Emirates Group maintain a net profit margin of 11.4 per cent, the company said.
Emirates also ended its financial year with a strong cash balance, reporting Dh12.9 billion ($3.5 billion) in the bank, an improvement of 17.8 per cent against a year earlier.
Skycargo
Emirates freighter unit carried 1.2 million tonnes of cargo to 89 cities, surpassing its record of one million tonnes in 2005. The increase helped the company take in revenue of Dh5.4 billion ($1.5 billion), which was Dh874 million ($238 million) or 19 per cent higher than the year before.
Emirates Skycargo contributed 20 per cent to the airline’s transport revenue.
The company plans to expand its freighter operations in the future after ordering 10 Boeing 747-8 freighters last year.
In addition, it has signed a wet-lease agreement with TNT Airways for a Boeing 747-400ERF to start operations in May, and another two 747s in a dry-lease with Guggenheim Aviation, which will enter service in August and then May 2008.
Hotel investments to top $500 million through 2010
Emirates airline will increase its presence in the Gulf hospitality industry with projects worth $500 million planned for the next three years, a top official said.
Gary Chapman, Emirates’ President Group Services & Dnata, said the company planned to develop hotels throughout the GCC through its own initiatives and through its partnership with Whitbread, a UK-based hospitality firm.
Chapman said the Emirates’ grand plan involves the opening of 5,000 hotel rooms and apartments in the next five years. That includes the Emirates Park Towers Hotel, a 70-story tower holding 2,000 rooms and apartments scheduled to open in 2011.
In addition, Emirates Marina Hotel & Residence is due to open in September, and Emirates Green Lakes Serviced Apartments will start operations the following January.
Emirates has also invested in Australia with its Wolgan Valley Resort & Spa, branded as an eco-friendly resort within three hours’ drive from Sydney.
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