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Emirates profit grows 165% in 1H2009, large cost and yield reductions; sees slow recovery ahea

Despite a strong result for the six months to 30-Sep-2009, Emirates Chairman & CEO, Sheikh Ahmed bin Saeed Al-Maktoum, said that while “some say the green shoots of economy recovery are sprouting”, he expects “it will take at least another year or two, before demand for air transport and travel services starts picking up again.” [3042 words]

This report contains the following subheadings:

• Strong net profit improvement, but net profit margin remains in single digit territory
• Double-digit pax growth; cargo “in line” with previous year’s levels
• … but substantial yield reductions
• Profits expected to exceed the USD1 billion in FY2010; better 2HFY2010 expected
• Emirates unlikely to be affected by Dubai World fall-out
• Will the cost of debt balloon for Emirates?
• Dubai's Emirates fleet financing and continued fleet expansion
• Increases fares in Germany under protest, blasts protectionism
• Airline alliances would represent an “artificial brake” on business plans
• Emirates to support Senegal Airlines

This report contains the following charts and tables:

• Emirates financial highlights for six months ended 30-Sep-2009 
• Emirates Airline net profit margin: FY2003/04 to 1HFY09/10
• Emirates Airlines RPK growth and Passenger load factor: FY2004/05 to 1HFY09/10
• Emirates Airline RPK growth and ASK growth: FY2004/05 to 1HFY09/10
• Major airline alliances & members
• Edited highlights of Emirates Airlines President’s (Tim Clark) Speech to the European Aviation Club: 12-Nov-2009 

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