Group announced ,8 November, its half-year results for its 2019-20 financial
year with Emirates airline registering 8 percent decrease and dnata showing 6
percent decrease in cargo volume amid global trade tensions and unrest in key
cargo markets. Emirates airline has uplifted a cargo volume of 1.2 million
tonnes and dnata carried handled 1.5 million tonnes between April 1 and
September 30, 2019.
revenue was $14.5 billion for the first six months of 2019-20, down 2% from $
14.8 billion during the same period last year. The revenue decline was due to
capacity reductions during the 45-day Southern Runway closure at Dubai
International airport (DXB), and unfavourable currency movements in Europe,
Australia, South Africa, India, and Pakistan.
Profit improvement primarily due to the
decline in fuel prices of 9%
was up 8% compared to the same period last year, with the Group reporting a
2019-20 half-year net profit of AED 1.2 billion (US$ 320 million). The profit
improvement was primarily due to the decline in fuel prices of 9% compared to
the same period last year, however, the gain from lower fuel costs was
partially offset by negative currency movements.
Kept a tight rein on controllable costs
Emirates Group delivered a steady and positive performance in the first half of
2019-20, by adapting our strategies to navigate the tough trading conditions
and social-political uncertainty in many markets around the world. Both
Emirates and dnata worked hard to minimise the impact of the planned runway
renovations at DXB on our business and on our customers. We also kept a tight
rein on controllable costs and continued to drive efficiency improvement, while
ensuring that our resources were deployed nimbly to capitalise on areas of
opportunity,” Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive,
Emirates Airline and Group.
The airline and travel industry to
continue facing headwinds over the next six months with stiff competition
outlook is difficult to predict, but we expect the airline and travel industry
to continue facing headwinds over the next six months with stiff competition
adding downward pressure on margins. 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.