The Emirates press release, with details on their financial results, is in line with our expectations, following outstanding performance during the first half of their financial year and current operational challenges, with higher oil prices and the Middle East political crisis.
Their results are also in line with a return to profitability for most major carriers globally, following poor performance in the period 2008-2010. Last year, Emirates was in a position to benefit from low oil prices, higher yields, increase in consumer confidence and record growth in cargo traffic.
Additionally it is in a very strong cash position to further grow capacity, by an average of 10-12 long-haul aircraft annually, allowing it to increase frequencies on existing routes and implement ambitious growth plans in the Americas and South Asia.
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