Emirates SkyCargo revenue for 2007 increased 20 percent over the previous year to $1.8 billion, despite soaring fuel prices and other profit-threatening challenges.
The division carried 1.3 million tonnes of cargo, a 10.9 percent improvement over the previous year's 1.2 million tonnes.
Cargo revenue accounted for 19 percent of the airline's total transport revenue.
The Emirates Group, which includes the airline and ground handling business Dnata, posted a $1.45 billion profit for the year ended Mar. 31, 2008, on revenue of $11.2 billion compared to the previous year's $8.5 billion.
The impressive numbers further solidify Emirates' place as one of the top combination carriers worldwide.
In announcing the year-end numbers, Sheikh Ahmed bin Saeed Al-Maktoum, chairman and chief executive for Emirates Airlines and Group looked to the future. "As we plan for the next decade, our biggest challenges will be to find more pilots, engineers, cabin crew and skilled staff across various business units," he said. Fuel remained the top expenditure, accounting for 30.6 percent of total operating costs compared with 29.1 percent the previous year.
During the year, the airline's fleet expanded with the addition of 11 new 777s. Emirates' fleet reached 114 aircraft, including 10 freighters, by the end of March. But Emirates reduced its freighter fleet from 12 to 10 aircraft as a result of the soft market, said Ram Menen, divisional vice president of cargo for Emirates Airlines. The airline will begin receiving the 777 freighters this year; the 747-8 freighters will start arriving in 2009. TNT is flying Emirates' 747-400 extended range freighter, already arrived.
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