Emirates "will look at the right opportunities to refinance" a $500 million bond when it matures next year and has a considerable cash balance, said Gary Chapman. Image Credit: Gulf News archive

Dubai: Emirates expects to post "solid" full year earnings and sees no problem refinancing its debt, a senior official said on Tuesday.

"Given the way we've been trading, we expect solid results," Gary Chapman, president of group services for the airline and Dnata told reporters.

Emirates reported an 80 per cent slump in full year profit in 2008-09 due to record fuel prices and falling passenger numbers amid the downturn.

Chapman said that the airline hasn't had any problem securing aircraft deals and doesn't see any difficulty refinancing upcoming bonds and loans.

"Aircraft financing isn't a problem. We're getting very attractive opportunities with the export credit agencies."

Emirates has a $500 million bond maturing next year among other loans, according to Standard & Poor's Ratings Services.

Chapman, however, said the airline "will look at the right opportunities to refinance" the $500 million bond when it matures next year, and said the company is "sitting on a considerable cash balance".