Emirates Group revenue up 10pc

KARACHI: The Emirates Group’s revenue went up 10 percent to AED 54.4 billion ($14.8 billion) for the first six months of financial year 2018/19, a statement said.

The group saw steady revenue growth as compared to the same period of the last year; however, profit was impacted by the significant rise in oil prices, and unfavourable currency movements in certain markets, amid other challenges for the airline and travel industry, it added.

Profitability was down 53 percent as compared to the same period of the last year, with the group reporting a 2018/19 half-year net profit of AED 1.1 billion ($296 million), it said.

The profit erosion was primarily due to 37 percent increase in fuel prices as compared to the same period of the last year, as well as the negative impact of currencies in certain markets.

The group’s cash position on September 30, 2018 was at AED 21.5 billion ($5.9 billion), as compared to AED 25.4 billion ($6.9 billion) as of March 31, 2018, it added.