Emirates profit drops, still wants Boeing, Airbus planes in ‘09

Published 7:09 am Thursday, May 21, 2009

Emirates posted a 72 percent drop in profits in 2008 over the previous year due to fuel costs and declining air traffic, the company said Thursday.

“No one could have predicted the scale of the worldwide recession which is now impacting every country on earth. Emirates has worked hard to cope with this downturn by maintaining our agility and responsiveness in a volatile economic environment,” said Sheikh Ahmed bin Saeed Al-Maktoum, chief executive of the airline, in a statement.

However, Emirates still plans to take deliveries of 18 new aircraft this year from Boeing and Airbus as it continues its route expansion, the company said.

“We will progress with our fleet and route expansion plans. With our strong business fundamentals and track record, we have had no problems securing financing for our growth,” he said. “In fact, to date we have already secured financial commitments for over half of our aircraft deliveries in the coming year.”

For more on Emirates, read this Reuters piece.