Emirates Group posts year-end results

The Emirates Group posted a $2.2 billion USD profit for the financial year ending March 31, 2016, up 50 per cent from the previous year.

In the Group’s latest financial results – comprising Emirates, air services provider dnata and their subsidiaries - revenue reached $25.3 billion, a decrease of three per cent over last year’s results, while the Group’s cash balance increased to $6.4 billion.

Emirates received 29 new aircraft, its highest number during a financial year, including 16 A380s, 12 Boeing 777-300ERs and one Boeing 777F, bringing its total fleet count to 251 at the end of March.

With significant currency devaluations against the US dollar and fare adjustments following the reduction in fuel prices, Emirates revenue dropped four per cent to $23.2 billion. Meanwhile, total operating costs decreased by eight per cent over the 2014-15 financial year; fuel dropped to 26 per cent of operating costs, compared to 35 per cent in 2014-15.

The airline also carried a record 51.9 million passengers, up eight per cent from the previous year.