The Emirates Group has announced its half-year results for its 2019-20 financial year.
Group revenue was AED 53.3 billion (US$14.5 billion) for the first six months of 2019-20, down 2% from AED 54.4 billion (US$14.8 billion) during the same period last year. This slight revenue decline was mainly due to planned capacity reductions during the 45-day Southern Runway closure at Dubai International airport (DXB) and unfavourable currency movements in Europe, Australia, South Africa, India, and Pakistan.
Profitability was up 8% compared to the same period last year, with the Group reporting a 2019-20 half-year net profit of AED 1.2 billion (US$320 million). The profit improvement was primarily due to the decline in fuel prices of 9% compared to the same period last year, however the gain from lower fuel costs were partially offset by negative currency movements.
The Group’s cash position on September 30, 2019 stood at AED 23.0 billion (US$6.3 billion), compared to AED 22.2 billion (US$6.0 billion) as of March 31, 2019.
Capacity during the first six months of the year declined by 5% and Passenger traffic was down by 2% with average Passenger Load Factor rising to 81.1%, compared with last year’s 78.8%.
