Emirates post US$235 million half-yearly net profit

The Emirates airlines has announced a half-yearly net profit of US$235 million for the 2019-20 fiscal year.

Ending on September 30, the first half year's profit was 282 percent higher compared to the same period last year, said a press release on Thursday. The result was driven by increased agility in capacity deployment, along with a healthy customer demand for Emirates' services.

However, Emirates' revenue and other operating income stood at US$12.9 billion, which is a 3 percent drop compared to the previous year.

This slight revenue drop was mainly due to planned capacity reductions during the 45-day Southern Runway closure at Dubai International Airport, and unfavourable currency movements in Europe, Australia, South Africa, India and Pakistan.

Meanwhile, The Emirates Group - comprised of companies such the Emirates airlines and Dubai National Air Transport Association - posted a revenue of US$14.5 billion, which is a 2 percent drop compared to the same period last year.

The group's profitability was up by 8 percent compared to the same period last year and the net profit for the first-half in this fiscal year was US$320 million. The profit improvement was primarily due to the 9 percent decline in fuel prices compared to the same period last year.

However, the gain from lower fuel costs were partially offset by negative currency movements.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive at the Emirates Airlines and the group said, "The global outlook is difficult to predict, but we expect the airlines and the travel industry to continue facing headwinds over the next six months.

"As a group, we remain focused on developing our business and we will continue to invest in new capabilities that empower our people, and enable us to offer even better products, services and experiences for our customers," he added.