Emirates profits up five-fold

EMIRATES          RECESSION

Global - Emirates posted a US$952.9 million dollar net profit in the financial year ended March 31, up five-fold from last year's US$187.76.

The group expects to achieve double digit growth through 2010-2011, Sheikh Ahmed bin Saeed al Maktoum, Emirates chairman and CEO told reporters at a press conference.

The airline said it will take delivery of seven additional A380s and one Boeing 777 in 2010-2011. It currently has US$55 billion in equipment orders with Airbus and Boeing.

The Middle Eastern Airline is bucking global downturn trends with the highest growth rate of 11.2% in air passenger traffic in 2009. Meanwhile, its peers in other parts of the world are expected to post 2010 losses of US$2.8 billion, according to industry body International Air Transport Association (IATA).

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