Emirates Group revenues reached AED 53.3 billion (US $ 14.5 billion) for the first half of the current fiscal year ending September 30, 2019, down 2% from the same period last year during which revenues reached AED 54.4 billion (US $ 14.8 billion). The slight decline in revenue was mainly due to planned seat capacity reductions during the 45-day closure of the Dubai International Airport South Runway and unfavorable currency fluctuations in Europe, Australia, South Africa, India and Pakistan.
Profitability increased by 8% compared to the same period last year, with the Group making a net profit of AED 1.2 billion (US $ 320 million) in the first half of FY 2019/2020. The improvement in profits was mainly due to a 9% drop in fuel prices compared to the same period last year, but gains from lower fuel costs were partly eroded by negative currency movements.
The Group's cash balances stood at 23 billion dirhams ($ 6.3 billion) as at 30 September 2019, compared with 22.2 billion dirhams ($ 6 billion) as at 31 March 2019.