First read is on us.

Subscribe today to keep up with the latest travel industry news.

Emirates fast growth produces a 52% increase in profits this fiscal year


Skift Take

Emirates isn't simply spending its way to growth, which should make its legacy rivals in Europe even more worried than they already are.

The Dubai-based Emirates airline says its annual net profit rose by 52 percent as the carrier’s fast growth outpaced rising fuel costs.

Emirates said Thursday that the airline posted $622 million in net profit in the 2012-2013 fiscal year.

The Emirates Group, which includes a travel services division, reported a 34 percent jump in net profit to $845 million.

Emirates is locked in fierce competition with rival Gulf carriers Qatar Airways and Abu Dhabi’s Etihad Airways. All three are aggressively expanding routes and fleets. Emirates this year began a partnership with Australia’s Qantas that seeks to further boost Dubai’s position as a transcontinental hub.

Emirates says its passenger count rose 16 percent. The growth countered fuel costs, up 15 percent to $7.6 billion compared with the previous fiscal year.

Copyright (2013) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

 


Up Next

Business Travel

The State of Corporate Travel and Expense 2025

A new report explores how for travel and finance managers are targeting enhanced ROI, new opportunities, greater efficiencies, time and money savings, and better experiences for employees with innovative travel and expense management solutions.
Sponsored
Tourism

How Two Little Letters Made Anguilla into a Hidden Caribbean Goldmine

Anguilla is a small island with a big secret. It owns one of the most lucrative pieces of digital real estate in the world: the .ai domain. Now that ChatGPT brought artificial intelligence mainstream, it holds the potential to transform the island's tourism economy – and its future.
Tourism

Remote Year Collapse: What We Know

Remote Year said it was closing, upsetting many customers who had paid for future trips as digital nomads. Two CEOs are pointing fingers at each other. It's the vendors in emerging markets who will likely be hurt most.