Emirates Airlines said that despite the increasing pressure of competition and the unfavorable effects of currency exchange rates, the airline achieved a net profit of 1.1 billion dirhams ($ 288 million) in the fiscal year 2019/205, a growth of 21% over the previous year’s profits, With a profit margin of 1.1%.

"The profits would have been higher had it not been for the loss of 1.1 billion dirhams as a result of the hedging process at the end of the year," the company said in a press release.

It stated that it carried 56.2 million passengers, down 4%. With seat capacity reduced by 6%, seat occupancy recorded 78.5%.

"The rise in seat occupancy compared to the previous year’s level of 76.8% reflects the successful management of capacity and strong travel demand in most markets until the outbreak of the Covid-19 pandemic in the last quarter," she added.

It indicated that at the end of the fiscal year 2019/2020, the total capacity of Emirates Airlines for passengers and freight decreased by 8% to reach 58.6 billion tons available ATKM, in order to restrict the capacity as a result of the closure of the Dubai International Airport maintenance runway, and the impact of "Covid-19" with the suspension of services Passengers in compliance with the directives of the government of the United Arab Emirates during March 2020.

Operating costs decreased by 10% compared to FY2018 / 2019. The average price of aviation fuel decreased by 9% during the fiscal year compared to a rise of 22% in the previous year. As fuel purchases decreased by 6% as a result of the reduced capacity, the value of the fuel bill recorded a significant decrease of 15% compared to the previous fiscal year to reach 26.3 billion dirhams ($ 7.2 billion). The fuel accounted for 31% of the total operating cost compared to 32% in the fiscal year 2018/2019, and it retained the largest share of the operating cost.

Follow our latest local and sports news and the latest political and economic developments via Google news