Dubai: Emirates Airline reported on Thursday a spike in its net profits, which jumped by more than threefold in the first half of 2019 even as revenues dipped.
The Dubai-based carrier recorded Dh862 million in profit in the April-to-September period, up from the Dh226 million in the same period last year. This came as fuel costs declined year-on-year and profit margins improved.
Revenues for the first half reached Dh47.3 billion, down 3 per cent compared to last year, as the number of passengers carried by the airline dipped by 2 per cent to 29.6 million.
Shaikh Ahmad Bin Saeed Al Maktoum, chairman and chief executive officer of Emirates Airline and Group, said he expected the airline and travel industry to “continue facing headwinds” over the next six months. He cited “stiff competition” as a challenge that would add downward pressure on margins.
As for Emirates Group, the parent company under which the airline operates, it reported an 8 per cent increase in net profit for the first half of the year, reaching Dh1.2 billion. Revenues also slid for the group, falling by 2 per cent to Dh54.4 billion.