The Group's cash balance of Dhs8.7bn is also down compared to last year's Dhs14bn. Emirates said the drop in part is due to funding new aircraft orders, new construction projects to build a twin tower hotel and staff accommodation, dividends paid to the company's owners and product and service investments.
HH Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said that under the circumstances, it was a satisfactory result.
'No one could have predicted the scale of the worldwide recession, which is now impacting every country on earth. Emirates has worked hard to cope with this downturn by maintaining our agility and responsiveness in a volatile economic environment. We have met these challenges with determination, improved efficiencies and innovative market-leading initiatives.'
He added: "As we move into the new financial year, the outlook is not improving. Although fuel prices are dropping, demand for business and first class traffic is still weak in many markets. Without downplaying the global economic situation and its challenges for our business, I still believe that the coming year will be one of satisfactory growth for the Emirates Group.
During the last financial year Emirates began accepting deliveries of Airbus A380s and saw the opening its new terminal 3 at Dubai airport.
"Our development plans remain unchanged. We have weathered the last 12 months with satisfactory growth, maintained the quality of our award-winning service, and maintained staff numbers in the face of an unsettled future. We will continue to forge ahead to build the airline, Dnata and the many subsidiary companies that are part of the Emirates Group," said Al-Maktoum.
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Emirates profits fall 72%
- United Arab Emirates: Thursday, May 21 - 2009 at 15:11
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The Emirates Group has warned that the immediate economic outlook for the aviation sector is not improving after it saw its net profit nosedive 72% for its financial year ending March 31, closing at Dhs1.49bn, compared to Dhs5.3bn in FY2007-08. The company blamed the combined impact of surging fuel prices last year and the global recession for the fall. However, Emirates pointed to the fact that it has now reported 21 consecutive full year net profits and said revenues increased 10.4% on the previous year to Dhs46.3bn, from Dhs41.9bn.
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StaffThursday, May 21 - 2009 at 15:11 UAE local time (GMT+4)
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