Emirates Group FY11 net up 43% to $1.6 bn

Emirates Group today reported a 43% growth in net profit at $1.6 billion (about Rs 7,165 crore) for the financial year ended March 2011 on the back of strong market demand.

The Group's revenue increased by 26.4% to $15.6 billion, it said in a statement.

"Despite unforeseen challenges in the form of political instability and shocking natural disasters we have managed, through sheer determination, nimbleness and quick thinking, to produce our best ever result," Emirates Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said.

The Dubai-based Group's cash balance rose to a record high at $4.4 billion at the end of the financial year 2010-11.

During the fiscal, the group saw revenue in East Asia and Australasia grow by 31% and that in Europe by 24.3% as three new passengers destinations commenced in the region during the fiscal.

During the year, the group saw an increase of 14.5% in passengers to 31.4 million.

During the fiscal, Emirates Airline reported a growth of 52% in its net profit at $964 million. Its revenues also grew by 25% to $14.8 billion.

"Looking ahead we have no plans to deviate from our proven strategy of investing in our business and focusing on core customer service," Sheikh Ahmed added.