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maltatoday, WEDNESDAY, 11 MAY 2016 11 Business Today www.creditinfo.com.mt info@creditinfo.com.mt Tel: 2131 2344 Your Local Partner for Credit Risk Management Solutions Supporting you all the way Emirates Group announces year - end record profi ts The Emirates Group announced its 28th consecutive year of profi t and steady business ex- pansion, ending the year with record profi ts, and in a strong position despite the global and operational challenges during this period. During the 2015-16 financial year, both Emirates and dnata achieved new capacity and profit milestones, as the Group continued to expand its global footprint, and strengthen its business through strategic investments. Released in its 2015-16 Annual Report, the Emirates Group posted an AED 8.2 billion (€2 billion) profit for the f i n a n c i a l y e a r ending 31 M a r c h , 2 0 1 6 , up 50% f r o m l a s t year. T h e g r o u p ' s r e v e n u e r e a c h e d AED 93 b i l l i o n ( € 2 2 . 3 billion), a decrease of 3% over last year's results, and the group's cash balance increased strongly to AED 23.5 billion (€5.6 billion). Emirates Airline and group chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum said: "Emirates and dnata delivered record profits, solid business results, and continued to grow throughout 2015-16. "In 2015-16, the group collectively invested over AED 17.3 billion (€4.1 billion) in new aircraft and equipment, the acquisition of companies, modern facilities, the latest technologies, and staff initiatives." The group's employee base across its more than 80 subsidiaries and companies increased by 13%, to over 95,000-strong, representing over 160 nationalities. In line with the overall profit, the group declared a dividend of AED 2.5 billion (€600 million) to the Investment Corporation of Dubai. Emirates' total passenger and cargo capacity crossed the 56 billion mark, to 56.4 billion ATKMs at the end of 2015-16, cementing its position as the world's largest international airline. Emirates received 29 new aircraft, its highest number during a financial year, including 16 A380s, 12 Boeing 777- 300ERs and one Boeing 777F, bringing its total fleet count to 251 at the end of March. Emirates launched eight new passenger destinations: Bali, Bologna, Cebu, Clark, Istanbul (Sabiha Gökçen), Mashhad, Multan, Orlando; and two new additional freighter destinations: Columbus and Ciudad del Este. It also added services and capacity to 34 cities on its existing route network across Africa, Asia, Europe, the Middle East, and North America. Carrying a record 51.9 million passengers (up 8%), Emirates crossed the 50 million passenger milestone, and achieved a Passenger Seat Factor of 76.5%. Emirates closed the financial year with a healthy and new record of AED 14.1 billion (€3.4 billion) cash flow from operating activities. Revenue generated from across Emirates' six regions continues to be well balanced, with no region contributing more than 30% of overall revenues. Europe is the highest revenue-contributing region with AED 24.0 billion (€5.7 billion), down 5% from 2014- 15. East Asia and Australasia follows closely with AED 22.4 billion (€5.4 billion), down 9%. The Americas region recorded revenue growth at AED 12.0 billion (€2.9 b i l l i o n ) , up 9%. Africa and Gulf and M i d d l e E a s t r e v e n u e d e c r e a s e d each by 3% to AED 9.1 billion (€2.2 billion) and AED 8.4 billion (€2 billion) r e s p e c t i v e l y ; and West Asia and Indian Ocean revenue decreased by 4% to AED 7.6 billion (€1.8 billion). For 2016-17, Emirates has announced new routes to Yinchuan and Zhengzhou in China, Yangon in Myanmar and Hanoi in Vietnam, aside from capacity upgrades to existing destinations. Emirates SkyCargo continues to play an integral role in the company's expanding operations, contributing 14% of the airline's total transport revenue. During 2015-16, Emirates SkyCargo officially inaugurated its purpose-built cargo terminal for freighter operations at Al Maktoum International airport (DWC), and received delivery of a Boeing 777F, rounding off its total freighter fleet to 15 aircraft: 13 Boeing 777Fs, and two Boeing 747-400Fs. Emirates Group announced a two billion euro profi t EasyJet feels the brunt of Brussels attacks British low-cost airline EasyJet on Tuesday said it had registered a loss during the first half of its financial year as a result of the Brussels attacks. Its earnings statement added that future rev- enues would be impacted also by recent events in the Belgian capi- tal. Net losses stood at €25 million in the six months to the end of March, compared with a profit after tax of well over €6 million during the equivalent period in 2014/15. "Taking into account the timing of Easter and the effects of terrorism in Brussels, EasyJet expects third quarter revenue per seat to decline by around seven percentage points," the airline added in its statement. "EasyJet expects revenue per seat at constant currency for the second half of the financial year to decrease by low to mid-single digit percentage points." EasyJet said revenue in the first half was hit also by reduced flying to Paris and Egypt following attacks there in late 2015. On the upside, the airline benefitted from lower fuel costs. On March 22, Brussels was hit by suicide bombings claimed by the extremist Islamic State group that targeted the city's airport and a metro station, leaving 32 people dead. Two bombers blew themselves up at the check-in area of Brussels airport, while a third detonated his explosives at Maalbeek metro station near the EU headquarters. International Airlines Group, owner of British Airways and Iberia, recently said it was scaling back plans to raise its flights offering because of the Brussels attacks.