Profits at the Middle East airline Emirates more than quadrupled in the first half of this year, thanks to increases in both passengers and cargo.
The Dubai-based carrier said it recorded the highest number of seats with paying passengers during the six months ending September than ever in a fiscal first half.
Passenger traffic rose by 17.3 per cent from the previous year, with a passenger seat factor of 81.2 per cent. Cargo tonnage also rose, by 23.7 per cent.
The company posted a 351 per cent increase in net profits in six months, reaching 3.4 billion dirhams (approximately €664 million).
Total revenues including other operating income for the period was up 35.5 per cent, from 19.5 billion dirhams during the same period last year to 26.4 billion dirhams.
Commenting, Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive of Emirates Airline and Group, said: “The results for the first half of the 2010-11 financial year are incredibly robust, and reflect Emirates’ success in growing customer demand, supported by investment in new aircraft, products and customer service.
“We continue to invest our profits in growing the business and our healthy financial position enables us to successfully meet all of our financial commitments and raise financing for future aircraft deliveries.
“Our strong position today is reflective of our ability to adapt, returning us to a vigorous period of growth. With 62 new state-of-the-art aircraft ordered in the first half, we remain well positioned to capitalise on this growth.”
Revenues from Emirates SkyCargo also increased during the first half, by 48.4 per cent to 4.4 billion dirhams, with cargo tonnage growing 23.7 per cent to 897,000 tonnes.
The SkyCargo revenues accounted for around 17.8 per cent of the airline's transport revenues.
Established in 1985 with two leased planes, Emirates now has a fleet of 137 aircraft flying to 100 destinations in 60 countries.
Dubai's airport is the busiest in the region after becoming a major transit hub between Europe, Asia and Australia.
