Emirates airline reports rise in annual profit, coronavirus hits final quarter

11 May 2020 01:45 am - 0     - {{hitsCtrl.values.hits}}

A A A

DUBAI (Reuters) - Emirates, one of the world’s biggest long-haul airlines, reported a 21percent rise in full-year profit yesterday, but warned the outbreak of the new coronavirus hit its performance in the fourth quarter of the financial year.


The Dubai state carrier made 1.1 billion dirhams (US$ 287.5 million) in the 12 months to March 31, compared to 871 million dirhams a year earlier.


Revenue contracted 6.1 percent to 92 billion dirham as the number of passengers carried fell 4.2 percent to 56.2 million.


Emirates blamed the drop in revenue on runway works at Dubai International airport last year, forcing the airline to reduce capacity for 45 days, and the coronavirus pandemic which has crushed travel demand.


The airline suspended regular, scheduled passengers flights in late March, though it has since operated some services for foreigners leaving the United Arab Emirates, while cargo flights continue to operate.

Emirates sister airport services company dnata saw profit drop by 57 percent to 618 million dirhams, which the company attributed to increased investment in its catering and airport services divisions and weak demand for the travel business.


Dnata’s profit would have been 72 percent lower had it not been for a one-time divestment, and the unit has started a review of its travel business which booked a 132 million dirham impairment.


Profit at Emirates Group, which counts Emirates airline and dnata among its assets, fell 28 percent to 1.7 billion dirham. Revenue was down 4.8 percent to 104 billion.


Unfavourable currency exchange rates cost the Group 1 billion in profit, it said, while it also saw some respite from cheaper oil prices.

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




The virus may be spreading much faster than official data suggest

The daily case reports from the Epidemiology Unit are the only data we have t

Credentials of official raise controversy

Amila Ishan Kankanamge, the Government appointed non-Executive Director to Mo

How the SLAF killed the LTTE’s “Smiling Cobra” in an air strike

More than eleven years have passed since the war between the Sri Lankan Armed

Sri Lanka in CT Level 3, health experts

As Sri Lanka witnessed the highest number of deaths in a single day and with

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.