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FinancialNews
11-05-20
UAE-Emirates Group sees USD456 million in 2019-20 profit
(MENAFN)
Emirates Group said today that it saw a rise in its profits for the 32nd year in a row versis a decline in revenue mostly due to less operations for the planned DXB runway shut down in the starting quarter along with the negative effects of coronavirus of banning flights and placing travel restrictions in the fourth quarter.
The group said that its profits reached USD456 million in the financial year that has ended on the 31st of March of 2020, a decline of 28 percent compared to a year ago.
The revenue of the group suffered a drop of 5 percent compared to a year ago to reach only USD28.3 billion, the cash balance saw an increase of 15 percent since the last year to set at USD7 billion over the good business performance up to February of the current year 2020 and the decreasing prices for fuel compared to a year ago.
Chairman and Chief Executive of Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, was quoted saying that 'For the first 11 months of 2019-20, Emirates and dnata were performing strongly, and we were on track to deliver against our business targets. However, from mid-February things changed rapidly as the COVID-19 pandemic swept across the world, causing a sudden and tremendous drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions'.
MENAFN1105202000450000ID1100147390
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