Emirates profits rebound amid expanding fleet
DUBAI: The parent company of Dubai-based carrier Emirates says profits for the first half of the year surged by more than 63 per cent as the Middle East’s biggest airline expanded routes and benefited from stabilising fuel prices.
The Emirates Group reports on Monday that profits rose to $645.7 million for the first half of 2012 compared with $394.8 million in the same period last year.
The jump of 63.6 per cent is a strong rebound after a sharp drop in profits for the fiscal year ending March 31 on rising fuel costs.
Emirates says that its fleet expanded to 183 planes in the first half of the year – a rise of nearly 16 per cent.
Emirates has faced escalating competition with regional rivals Qatar Airways and Abu Dhabi-based Etihad Airways.