Easing of travel restrictions worldwide saw Emirates Group reduce its net loss to $1.6 billion for six months ended September 30, 2021 from $3.8 billion last year.
Revenue increased 81 percent to $6.7 billion and EBITDA was $1.5 billion compared to a negative $12 million.
The group continued to maintain a healthy cash position of $5.1 billion as on September 30, 2021 compared to $5.4 billion as on March 31, 2021.
Read More...www.logupdateafrica.com
November 8, 2019: The Emirates Group today announced its half-year results for its 2019-20 financial year with Emirates airline registering 8 percent decrease and dnata showing 6 percent decrease in cargo volume amid global trade tensions and unrest in key cargo markets.
Emirates airline has uplifted a cargo volume of 1.2 million tonnes and dnata carried handled 1.5 million tonnes between April 1 and September 30, 2019.
Group revenue was $14.5 billion for the first six months of 2019-20, down 2% from $ 14.8 billion during the same period last year.
The revenue decline was due to 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 was partially offset by negative currency movements.
Amid the pandemic, Emirates SkyCargo has scaled up its operations by handling 3,000 tonnes of cargo per day, which include essential medical supplies including PPEs and pharmaceuticals, said Henrik Ambak, Emirates senior vice president, cargo operations worldwide.
Logistics start-up Avicore Aviation Pvt.
Ltd plans to invest $100 million, or about Rs400 crore, to launch a new cargo airline before mid-2008 from the country’s first dedicated cargo airport at Nagpur.The start-up is backed by Indian and some US-based non-resident Indian businessmen through Avicore Llc.The main Indian promoter is Abhay Lodha, managing director of Mumbai-based Topworth Group, which has interests in steel and power plants, along with Avicore Aviation chief executive Shankar Devarajan.
Avicore is the third firm that has applied to the government for a licence to launch a cargo airline.
Interest in the country’s air cargo business comes after a three-year boom in passenger services among airlines in India.