Emirates sees profits slump and cargo revenue decline

© Arseniy Rogov

Emirates SkyCargo saw cargo revenues decline in its full year ending 31 March, despite carrying higher volumes. The carrier reported revenues of AED10.6bn, ($2.88bn) for the year, accounting for 13% of the airline’s total transport revenue. However, cargo revenue fell 4.9% from a year earlier, although it carried 2.57m tonnes, 2.7% more than the previous year.

The carrier said: “This decline resulted from a combination of a fall in prices and depreciating exchange rate effects which were offset, to an extent, by higher volumes.

“The yield, however, was lower on account of weakening currencies and route mix impact.”

However, Emirates added that its “solid performance against the tepid global air freight market speaks to the division’s success in building on its strengths and adapting to new opportunities”.

ATW has the story on the Emirates Group, or you can see the full results here.