Archives

by Ravi Ladduwahetti in Dubai

UAE, Dubai (Tuesday) - Emirates Chairman, Shiek Ahmed bin Saeed Al Maktoum attributed the all round team effort of the employees, drastic cost cutting programs and the freezing of recruitment as the main contributory reasons for his airline, reporting a profit of 603 million Dirhams (US$164million) despite the adverse global conditions that affected the aviation sector in the immediate afternmath of the twin bomb attacks in New York on September 24 last year.

He also said that this was the 16th successive year that the Group had reported profits.

Addressing a news conference at the Crowne Plaza Hotel in Dubai where the financial results for 2001/2002 were launched, the Emirates Chairman said that the September 11 recession pushed the airline industry into a black hole and it was the airline's timely action and effort that was instrumental in mouding the profits to what they are today.

"The profits of the Emirates group comprises Dhs 468.2 milliion (US$127 million) for Emirates which is an 11 percent increase and Dhs 13.4 million (for Dnata, representing a 23 percent increase between the two years. The company's internal cash flow has also funded Dhs 1.3 billion the airlines aircraft financing program. The cash balance also stood at the end of the year at Dhs 3.2 million, the Chairman said and added that the total value of the airline was four and a half times greater than the Government's equity investment in the airline. The Operating revenue has increased by 12.7 to Dha 6.9 million, despite the shortfall in yield of 5 percent which was offset by the reduction in unit costs of 5.4 percent. Dnata has also had another record year at the Dubai International Airport taking care of 13.8 million passengers and more than 635,000 tonnes of freight.

Emirates had also carried 6.8 million passengers and over 400,000 tonnes of cargo. "If we look at the performance of the airline, we see that the capacity has risen by 20 percent, the seat factor has remained at 74 percent ns the cargo tonnage has increased by 19.5 percent and the average age of the fleet is now 37 months. The Emirates has also invested US$ 15 billion for aircrafts to help support the objectives of the Government to invest in infrastructure and services to attract 15 million visitors by the year 2010, by which time we expect to have a fleet of at least 100 aircraft," he said. (1 Dhiram = Rs.26) 

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager