Emirates profit soars as Australia remains key
Emirates saw profits jump 43% to US$887 million (A$948m) last year as new routes, an increase in passenger numbers and lower fuel costs helped offset “intense” competition in the market.
Revenue of US$22.5 billion, a rise of 13% on the previous year, hit a new record with profit margin a “healthy” 3.9%, up 0.8 points.
The number of passengers increased 13% to 44.5 million with capacity rising 14%.
The slight disparity saw loads slip marginally to 79.4%, down from 79.7% although Emirates said premium loads improved “despite lingering economic uncertainty and strong competition in many markets”.
Emirates said its spread of revenue from the six regions in which it operates continues to be well balanced with no single region contributing more than 30%.
East Asia and Australasia remains its highest contributing region at US$6.5b, up 14% on 2012/13, followed by Europe which increased 16% to US$6.4b. Revenue from the Gulf and Middle East climbed 17% to US2.3b while revenue from the Americas jumped 11% to US$2.5b.
Group profits, which include dnata travel services, jumped 32% to US$1.1b.
“Competition is getting more intense,” chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said. “Achieving our 26th consecutive year of profit in a financial year marked by record increases in capacity and significant business investments across the group is testimony to the strength of our brands and our business fundamentals.”
Emirates said it was helped by a reduction in the average cost of jet fuel, although it stressed the price “remained high”, with its fuel bill rising 10% during the year.
Sheikh Ahmed said the company was entering the 2014/15 financial year “with confidence and a strong foundation for continued profitability”.
Emirates received 24 new aircraft in 2013/14, taking its total fleet to 217, and launched nine new destinations.
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