The Emirates Group announced on 9th November its half-year results for 2016-17. The group held steady on revenue, but profit was hit by the double impact of a strong U.S. dollar and what it termed “a bleak global economic outlook, with no immediate resolution in sight”.
Revenue for the first six months of the 2016-17 financial year, was up 1% from the same period last year, at $12.7bn. Following one of its best ever half-year results last year, half-year net profit for the current year was down 64%, at $364m. The airline cited the impact of the strong U.S. dollar against other major currencies, increased competition and “sustained economic and political uncertainty in many parts of the world”.
Capacity measured in Available Seat Kilometres (ASKs) was up 12%, while Revenue Passenger Kilometres (RPKs) grew 8%, bringing average Passenger Seat Factor down three points, to 75.3%. Emirates carried 28 million passengers between 1 April and 30 September 2016, up 9% from the same period last year.
Following the retirement of the last A330 and A340 aircraft in its fleet from active service, Emirates has now become the first airline in the world to operate a passenger fleet comprising only A380s (85 aircraft) and Boeing 777s (160). During the 2016 calendar year, Emirates will have taken delivery of 20 Airbus A380s and 16 Boeing 777s.