Issue link: https://maltatoday.uberflip.com/i/982634
17 COMMERCIAL maltatoday | WEDNESDAY • 16 MAY 2018 THE Emirates Group posted a AED 4.1 billion (US$ 1.1 bil- lion) profit for the financial year ended 31 March 2018, up 67% from last year. The Group's revenue reached AED 102.4 billion (US$ 27.9.billion), an increase of 8% over last year's results, and the Group's cash balance increased by 33% to AED 25.4 billion (US$ 6.9 billion) supported by the bond issued in March and strong sales due to the early Easter holidays at the end of March. His Highness (H.H.) Sheikh Ahmed bin Saeed Al Mak- toum, Chairman and Chief Ex- ecutive, Emirates Airline and Group, said: "Business condi- tions in 2017-18, while im- proved, remained tough. We saw ongoing political instabil- ity, currency volatility and de- valuations in Africa, rising oil prices which drove our costs up, and downward pressure on margins from relentless com- petition. On the positive side, we benefitted from a healthy recovery in the global air cargo industry, as well as the relative strengthening of key curren- cies against the US dollar." In 2017-18, the Group collec- tively invested AED 9.0 billion (US$ 2.5 billion) in new aircraft and equipment, the acquisi- tion of companies, modern fa- cilities, the latest technologies, and staff initiatives. Emirates announced two sig- nificant commitments for new aircraft during the year: a US$ 15.1 billion agreement for 40 Boeing 787-10 Dreamliners which will be delivered from 2022, and a US$ 16 billion agreement for 36 additional A380 aircraft, including 16 op- tions. Sheikh Ahmed said: "While expanding our business and growing revenues, we also tightened our cost discipline. Across the Group, we pro- gressed various initiatives to rebuild and streamline our back office operations with new technology, systems and processes. In 2017-18, our reduced recruitment activ- ity, coupled with restructured ways of working gave us gains in productivity, and a slow- down in manpower cost in- creases." Across its more than 80 sub- sidiaries, the Group's total workforce declined by 2% to 103,363, representing over 160 different nationalities, as part of the overall productivity im- provement initiatives in Emir- ates and dnata. Emirates received 17 new aircraft, after last year's record number during a financial year, comprising of eight A380s and nine Boeing 777-300ERs. At the same time, eight older air- craft were phased out, bring- ing its total fleet count to 268 at the end of March. This fleet roll-over involving 25 aircraft was again one of the largest managed in a year, keeping Emirates' average fleet age at a youthful 5.7 years. Overall passenger traffic growth continues to demon- strate the consumer desire to fly on Emirates' state-of-the- art aircraft, and via efficient routings through its Dubai hub. Emirates carried a record 58.5 million passengers (up 4%), and achieved a Passenger Seat Factor of 77.5%. The in- crease in passenger seat factor compared to last year's 75.1%, is a result of successful capac- ity management in response to political uncertainty and strong competition in many markets despite a moderate 2% increase in seat capacity. Full report www.theemirates- group.com/annualreport Emirates profits up 67% to $1.1 billion Ornithological importance of Buskett A closing conference was held at Buskett on 18 April as part of the Life Saving Buskett project – a project part-financed (50% fund- ed) by the European Union Life+ programme being implemented by the PARKS Directorate with- in the Ministry for Sustainable Development, the Environment and Climate Change. During the conference various speakers shared their views about differ- ent aspects of this project, its im- portance and benefits. Raymond Vella, one of the speakers, spoke about the orni- thological importance of Bus- kett, which has always featured in ornithological studies over the last centuries even because the area was visited by many British and continental ornithologists, including Antonio Schembri, known as the father of Maltese Ornithology and who has a mar- ble plaque commemorating his life at Buskett. The studies, mostly conduct- ed over the last 40 years by the Malta Ornithological Society, now known as BirdLife Malta, concern primarily the number of birds of prey that migrate and roost in Buskett in the autumn months. These studies give an indication of the state of these birds in their summer breeding areas, so any reduction (or in- crease) mirrors the population status in Europe. From these studies we know that in the last ten years an average of 2,860 raptors converged annually over Buskett. Vella said the main species is the Marsh Harrier, which has increased dramatically since the 1970s, when it was quite uncom- mon compared to its present status as the most common large raptor, with over 1,160 sight- ings annually. Honey Buzzards, which used to dominate the skies, are now less regular, with an average of 1,020 using this route. Other important birds, such as the Lesser Kestrel, also occur in good numbers every year with a total of 150 birds per season. In the last few years, sightings of Black and White Storks, Booted, Lesser Spotted and Short-toed Eagles have in- creased. This is due to the fact that many countries are protect- ing these birds more rigorously, pesticide use in the EU is more controlled, and many re-intro- duction projects are underway across Europe. Vella also said that with the in- creasing number of bird watch- ers and wildlife photography there is a huge potential to de- velop a market during these pe- riods of migration, both locally and abroad. BirdLife Malta congratulated the project team which has done its utmost to preserve Buskett, and thanked PARK Director, Herman Galea, and the Project Manager, Mark Causon, who patiently listened to their con- cerns. AS part of its ongoing initia- tives to support local philan- thropic causes, Frank Salt Real Estate sponsored a group of 45 primary school children between the ages of seven and eight years, from St Margaret College in Senglea, to attend an educational programme at Sunflower Farm. This five-day programme by the name of HEPA (Health Enhancing Physical Activity), managed in conjunction with Sunflower Pony Club, taught children the importance of health and physical activity us- ing horses and ponies as a me- dium. The programme covered aspects such as general horse care, as well as food, nutrition and physical activity in humans. "Frank Salt Real Estate has always been a pioneer in the field of corporate social re- sponsibility and we are always on the look-out to stay in touch not only with our cli- ents but also with the public at large, supporting charitable institutions and NGOs. On this occasion we wanted to give these children the oppor- tunity to participate in such a programme, through funding the school needed, to make it happen. On completion of this program, all the children were presented with a certificate of attendance, which clearly put a smile on their faces," said company director Godfrey Swain. Adrian Delia visits Farsons brewery Frank Salt sponsors HEPA programme for school children OVER the last 10 years, Far- sons has invested just over €100 million in new facilities to ensure that the company remains competitive, and to grow its business in Malta and other markets. Farsons Group Chairman Louis A. Farrugia was speaking during a visit to Farsons Brew- ery in Mriehel by the Leader of the Opposition Adrian Delia. He was accompanied by Kristy Debono, Karl Gouder, Mark Anthony Sammut, Ivan Cas- tillo, and other officials. Delia toured the Brewery operations and viewed the many new investments that have taken place. He was able to observe the high degree of automation and high-quality standards that the operation maintains. Farsons has always endeavoured to imple- ment good human re- sources practices. In this regard, Farsons has ongoing training and re-skilling programmes for its 800-strong work- force to ensure that its management and em- ployees are competent to meet tomorrow's challenges. "As we celebrate 90 years of brewing in Malta, we are indeed grateful to our community for the sup- port that we have always re- ceived throughout our history. We shall endeavour to contin- ue to grow our business in new markets," said Farrugia. Just as Farsons' 1950 Mriehel Brewery was a groundbreaking workplace in many ways, to the point that today it is consid- ered a unique part of Malta's industrial heritage, the new working environment that Far- sons has created over the last years continue to set standards for the future, while offering motivating work spaces for all employees. Chairman Louis A Farrugia explaining to Adrian Delia the €100+ million investment in new facilities at Farsons. From left: Group Chief Executive Norman Aquilina, Karl Gouder, Kristy Debono, Ivan Castillo and Mark Anthony Sammut