Emirates Airlines gains 4.7 million new passengers

by Jessica MCILHINNEY on May 24, 2010

Emirates Airlines has reported a boost in passenger traffic by 4.7 million travellers. According to the carrier, its recent financial figures indicate a rise in customers of nearly 21 per cent since this time last year.

Despite the company facing one of the worst operating conditions in history during the recession, it was able to increase passenger traffic and revenue by the fiscal year end at 31 March. The postings lead to a net profit of nearly US $965 million.

The airline’s parent company, the Emirate Group, gave an international statement addressing the group’s above par performance during the 2010 financial year. The group posted a shocking overall profit rise of 248 per cent adding up to a total of US$ 1.1 billion in profit.

Also in the face of the looming recession and poor industry numbers, the group managed to keep its revenue stable even during lower passenger yields. The decreased cargo revenues were offset by its increased passenger traffic making for a stable US$ 12.4 billion.

Even the group’s profit margins increased significantly from 2.6 per cent last year to a staggering 9.1 per cent this year. Additionally its cash balance yielded 43.3 per cent improvements moving to US$ 3.4 billion up from last year’s US$ 1 billion.

The airline is looking to increase its services with expansions to Seoul, Bangkok, Toronto, Jeddah, and Paris. To do so the carrier will add 15 new Airbus A380s. The group made sure to note that these statistics come in the wake of the International Air Transport Association reporting worldwide financial losses for airlines reaching into the range of US$ 10 billion.

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