Emirate Group posts $1.5 billion profit

The Emirates Group has posted US$ 1.5 billion [AED 5.5 billion] profit, up 34 per cent from last year.

The Group’s revenue reached $ 26.3 billion, [AED 96.5 billion] an increase of 10 per cent over last year’s results, and the Group’s cash balance remained strong, growing to $5.5 billion [AED 20 billion]

The information is contained in a released of its 2014-15 Annual Report, of the financial year ending 31 March, 2015

The Emirates Group said it was its 27th consecutive year of profit and steady growth across the company, ending the year in a strong position despite the many global and operational challenges during this period.

According to the release, it also marked the achievement of new capacity milestones at both Emirates and dnata, as the Group continued to expand its global footprint, and strengthen its business through strategic investments.

The Group noted that 2014-15 was a turbulent year for aviation. In its words: ‘’The fall in oil prices provided cost relief in the second half of our financial year, however it did not offset the hit to our profitability caused by significant currency fluctuations, nor the hit to our revenue from operational adjustments in addressing the Ebola outbreak, armed conflicts in several regions, and the 80-day runway upgrading works at Dubai International airport (DXB).