Dubai – Mubasher: Dubai's Emirates Group on Thursday posted a 53% year-on-year drop in profits to AED 1.1 billion ($296 million) for the first half of fiscal year 2018/2019.
The group, which comprises Emirates Airline and air services provider dnata, attributed the profit fall to the increase in oil prices, in addition to unfavorable currency movements in certain markets, according to the company’s statement.
“The high fuel cost as well as currency devaluations in markets like India, Brazil, Angola, and Iran, wiped approximately AED4.6 billion from our profits,” Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO, Emirates Airline and Group, commented.
Revenues of the Dubai-based international aviation holding firm rose 10% year-on-year to AED 54.4 billion ($14.8 billion) during the first six months of FY18/19.
“Demand for our high-quality products and services remained healthy, as we won new and return customers across our businesses and this is reflected in our revenue performance,” Al Maktoum added.
The firm’s cash position reached AED 21.5 billion during the six-month period ended September, data showed.
Moreover, the group’s employee base retreated 1% in H1-18, from an overall average staff count of 103,363 to 101,983.
It is worth noting that the Emirati airline carried around 30.1 million passengers during the six-month period ended September.
