Emirates Group half-year profit falls 66% amid regional disruption

The Dubai-based group, which includes Emirates airline and airport services company dnata, reported pre-tax profit of 4.1 billion UAE dirhams ($1.1 billion) for the six months to 30 September, down from 12.2 billion dirhams a year earlier, according to Gulf Business.

Group revenue fell by 12% to 66.2 billion dirhams. Profit after tax, a separate measure, also fell by 66% to 3.6 billion dirhams.

Emirates airline carried 21.8 million passengers, down 22% from the same period a year earlier. It also reduced passenger capacity, measured in available seat kilometres, by 17%. The drop in passengers therefore does not, on its own, show an equivalent fall in demand.

Chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum described the period as “a demanding six months” and said customer demand had held firm. He also pointed to a strong contribution from cargo: Emirates SkyCargo’s revenue rose by 52%.

Fuel costs were another pressure. The airline said they rose by 60% before gains from fuel hedging, despite a reduction in flying. Those gains limited the net increase to 13%, Gulf Business reported.