XXXX gain a distinct competitive advantage, one that we intend to maintain," said Sheikh Ahmed.
Highlighting its sound financials, Emirates launched its highly successful US$ 1 billion bond in June last year and despite many traditional financing partners suffering from the Eurozone debt crisis, the bond was well received by global investors reflecting confidence in the Emirates business model. In addition to this, Emirates repaid a Singapore Dollar 250 million bond in full that matured in June 2011. The bond, listed on the Singapore Stock Exchange, was originally issued in 2006 with a five year term. "We move into the new financial year with cautious optimism, navigating our way through the difficult economic climate with a clear vision for our continued success. We understand that succeeding in this industry requires determination and we are unapologetic about our drive to be the best.""We are never complacent, always striving for perfection and always acutely aware that things can be done better. Customers expectations only get higher and it is up to us to ensure that we move upwards with them. With the help of our 63,000 strong multicultural workforce we have no doubt that the years ahead will again be more profitable than the last," added Sheikh Ahmed. Emirates revenue reached a record high of AED 62.3 billion (US$ 17 billion) growing by 14.9 percent when compared to the 2010-11 financial year. Despite this strong revenue growth, the stifling cost of jet fuel impacted Emirates bottom line with the airlines profit sitting significantly lower than the previous year at AED 1.5 billion (US$ 409 million) representing a decrease of 72.1 percent over last years record results. Carrying a record 34 million passengers, an increase of 8 percent, Emirates logged a robust Passenger Seat Factor, at 80.0 percent, remaining consistent with last years results. With an increase in seat capacity - Available Seat Kilometres (ASKMs) of 9.8 percent the result highlights a strong consumer desire to fly on Emirates state-of-the-art aircraft. Passenger yield increased by 7.8 percent to 30.5 fils (8.3 US cents) per Revenue Passenger Kilometre (RPKM), up from 28.3 fils (7.7 US cents) in 2010-11. Revenue generated from across Emirates six regions continues to be well balanced, with no region contributing more than 30 percent of overall revenues. East Asia and Australasia remained the highest revenue contributing region with AED 18.2 billion (US$ 5.0 billion) up 17.6 percent from 2010-11. Europe, up 18.2 percent to AED 17.1 billion (US$ 4.6 billion) and the Americas up 21.3 percent to AED 6.7 billion (US$ 1.8 billion) also saw significant growth, reflecting new destinations as well as increased frequency and capacity to these regions. Across the rest of the globe Emirates saw strong revenue increases from West Asia and the Indian Ocean up 10.6 percent to AED 7.1 billion (US$ 1.9 billion), Gulf, Middle East and Iran up 15.1 percent to AED 6.3 billion (US$ 1.7 billion) and Africa with AED 6.1 billion (US$ 1.7 billion) in revenue, up 9.5 percent. --more --Copyright Emirates News Agency (WAM) 2012.
