Emirates posts significant drop in profits at 237 million

first_img Share Emirates posts significant drop in profits, at $237 million By: The Associated Press Thursday, May 9, 2019 DUBAI — The Middle East’s biggest airline, Emirates, said on Thursday that profits were down almost 70% in the past fiscal year, reaching lows of $237 million, compared to last year’s whopping $762 million.The Dubai-based airline’s parent company Emirates Group also posted lower profits at $631 million, down 44% from last year.Despite the dip in profits, revenue reached record highs of nearly $30 billion for Emirates Group. Revenue for the airline was slightly up at $26.7 billion.The company said operating costs had increased substantially as it footed its biggest-ever fuel bill at more than $8 billion on the back of oil prices that climbed 25% higher over the last year.The company said a strengthened U.S. dollar, lower airfreight demand and weakened travel demand also contributed to eroded 2018-19 earnings.HH Sheikh Ahmed bin Saeed Al Maktoum, Chairmand and Chief Executive Emirates Airline and Group, acknowledged in a statement that the past fiscal year “has been tough, and our performance was not as strong as we would have liked.”More news:  Beep, beep! Transat hits the streets with Cubamania truckThe company released its earnings in a statement, saying it invested about $4 billion in new aircraft and equipment, the acquisition of companies and other initiatives compared to the previous year’s $2.5 billion in similar spending.Among the major purchases was a commitment for 70 new Airbus planes worth $21.4 billion at list prices to be delivered over the next five years. The company also made slight increases in its total workforce, employing a total of about 105,300 people.Emirates Group additionally operates the global DNATA – or Dubai National Air Transport Association – ground and travel services provider. That division of the company had revenues of close to $4 billion and profits of $394 million.“It’s hard to predict the year ahead, but both Emirates and dnata are well positioned to navigate speed bumps, as well as to compete and succeed in the global marketplace,” Al Maktoum said in a statement.Al Maktoum is also chairman of budget carrier flydubai, which has a codeshare agreement with Emirates. While the two airlines operate independently, both are owned by the state-owned Investment Corporation of Dubai.More news:  Carnival Cruise Line enhances HUB app for families and youthEmirates Group said it declared a dividend of $136 million to the Investment Corporation of Dubai from its latest fiscal year earnings.The aviation, travel, tourism and leisure industries are key pillars of Dubai’s economy, which has seen a slowed down pace of growth, declines in real estate prices and companies cutting costs either by firing employees or freezing hiring as non-oil businesses struggle with delays in payments down the supply chain.Emirates airline’s aggressive expansion and growth has helped transform its hub at Dubai International Airport into the world’s busiest for international passengers. The airline said it carried 58.6 million passengers this past year, nearly the same as the year before. << Previous PostNext Post >> Tags: Dubai, Emirates, Profit Report, United Arab Emirateslast_img read more

February 22 2002 February Workshoppers Anna Gork

first_imgFebruary 22, 2002 FebruaryWorkshoppers, Anna Gorka and Jung Kwon, unload a sheet of plywood fromthe truck which goes to Phoenix and Prescott for purchasing few times aweek. [T] The newly unloadedplywood will be used for the second floor slab forms in the East Crescent construction inweeks to come. [T] Brigid Kutner, helpsin the Garden as a part of her participation in theworkshop. She learned about Arcosanti through a unique exploratoryprogram called “Learning through Experience”. [photo: Wes Ozier & text: T] Michael Lengton alsocame from “Learning through Experience” that offers direct access to avariety of alternative and experiential learning programs. [photo: Wes Ozier & text: T]last_img

Rep Howrylaks resolution shines light on animal homelessness in Michigan

first_img16Aug Rep. Howrylak’s resolution shines light on animal homelessness in Michigan Categories: Howrylak News,News State Rep. Martin Howrylak of Troy today promoted House Resolution 126, which declares Aug. 19 as International Homeless Animals Day throughout the state.Each year, over 7 million companion animals enter shelters in the United States and approximately 2.7 million of the animals are euthanized. Sadly, Michigan is contributing to this troubling problem. According to a 2014 Michigan Shelter survey, nearly one out of every four animals that enter a shelter in the state are eventually euthanized.“These are eye-opening statistics,” said Rep. Howrylak. “Unfortunately, many of these animals were loving companions who were ready to be adopted. Due to limited space at local shelters, these animals simply ran out of time to find a new home. Earlier this year, I met with sixth graders from Larson Middle School in Troy who were deeply concerned about this issue. Together, we developed this resolution, which will raise awareness about the benefits of pet adoption so we can improve these numbers going forward.”In 2016, the Michigan Humane Society saved more than 11,200 animals. As part of the Aug. 19 proclamation, Howrylak invites citizens to contact their local humane society if they are interested in adopting or volunteering.last_img read more