DUBAI: Emirates Group on Wednesday said consolidated profit grew 67 percent to $1.1 billion for the fiscal year ending March 31, its 30th consecutive year of positive business performance.
Revenues were also up to $27.88 billion, an increase of 8 percent over the previous year’s results while overall cash balance was 33 percent higher at $6.92 billion, supported by a bond issuance and strong sales due to the early Easter holidays at the end of March.
“Business conditions in 2017-18, while improved, remained tough. We saw ongoing political instability, currency volatility and devaluations in Africa, rising oil prices which drove our costs up, and downward pressure on margins from relentless competition. On the positive side, we benefitted from a healthy recovery in the global air cargo industry, as well as the relative strengthening of key currencies against the US dollar,” Sheikh Ahmed bin Saeed Al-Maktoum, Chairman and Chief Executive, Emirates Airline and Group said in a statement.
Emirates airline meanwhile reported a 124 percent rise in profit to $762 million for the financial year as revenues rose 9 percent to $25.2 million, supported by strong cargo performance.
The Dubai carrier ferried a record 58.5 million passengers and achieved a passenger seat factor of 77.5 percent, versus the previous year’s 75.1 percent, cementing its position as the world’s largest international carrier.
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