Soaring fuel prices hit EK profit

EMIRATES has recorded a net profit of Dhs284m, for the first six months of its current financial year ending September 30. This is down 88% compared to Dhs2,36bn profit for the same period last year, showing the impact of the record fuel prices earlier this year. “The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut shop or consolidate. Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business and provide our customers with a quality product and service,” said Sheikh Ahmed bin Saeed Al-Matoum, chairman and chief executive, Emirates Airline and Group. “We’ve made massive investments in our eco-efficient aircraft fleet; in our newly-opened world class airport terminal dedicated to Emirates operations; in strengthening our global route network; and also in the supporting infrastructure for our growing business. Recent events show that only the most efficient businesses will survive and prosper, and these investments put us in a strong position to weather the current crunch and future challenges.” Sheikh Ahmed added: “Our business fundamentals are solid, and providing there is no further fall-out from the current global financial situation, we anticipate a robust second half of the financial year.” Jeanette Phillips (jeanettep@nowmedia.co.za)