In 1H2017, Emirates saw profits soar 111 per cent to AED 1.7 billion (US$ 452 million), a dramatic rebound from the 82 per cent nosedive in profits for 2016.
Passengers volumes rose four per cent to 29.2 million and overall capacity expanded two per cent, with Emirates attributing the improved results to capacity optimisation and efficiency initiatives,the easing of a strong US dollar and steady business growth.
Overall, the Emirates Group, parent company of the gulf airline, reported a 77 per cent increase in profit of US$631 million for the period.
The group’s revenue increased six per cent, reaching US$13.5 billion, up from US$12.7 billion during the same period last year.
Emirates’ operating costs grew four per cent against the overall capacity increase of two per cent. On average, fuel costs were 14 per cent higher compared to the same period last year, largely due to an increase in oil prices by 11 per cent, as well as an increase in fuel uplift of three per cent due to Emirates’ expanding fleet operations.
Fuel remained the largest component of the airline’s cost, accounting for 26 per cent of operating costs over the 24 per cent seen in the first six months of last year.