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7 percent rise in annual net profit on Wednesday, citing growth in tourism and business travel through its Dubai hub, heavy investment in its fleet and a non-union workforce.
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Dubai airline Emirates announced a 48.7 percent rise in annual net profit on Wednesday, citing growth in tourism and business travel through its Dubai hub, heavy investment in its fleet and a non-union workforce. Net profit rose to 2.34 billion dirhams (US$ 637 million) for the year to end-March, while total revenue increased 36 percent to 18.
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113 billion dirhams (US$ 4.93 billion).
Emirates is in the middle of an expansion drive that will see it taking delivery of a new plane each month for the next seven years. It added nine aircraft in 2004-2005, taking the fleet to 75 at the end of the year.
Sheikh Ahmed bin Saeed al-Maktoum, chairman of Emirates Group, said the airline benefited from having its base at the region's busiest airport, Dubai International.
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Passenger numbers increased 20 percent to 12.5 million, he said.
Higher fuel costs dented profits, however, and will continue to pose a challenge during the current financial year, he said.
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"Had fuel prices stayed at the levels