Emirates Group announces its half-year results for its 2019-20 financial year

Group revenue was AED53.3bn ($14.5bn) for the first six months of 2019-20, down 2% from AED54.4bn ($14.8bn) during the same period last year. This slight revenue decline was mainly due to planned capacity reductions during the 45-day Southern Runway closure at Dubai International airport and unfavourable currency movements in Europe, Australia, South Africa, India and Pakistan.

Profitability was up 8% compared to the same period last year, with the Group reporting a 2019-20 half-year net profit of AED1.2bn ($320m). The profit improvement was primarily due to the decline in fuel prices of 9% compared to the same period last year, however the gain from lower fuel costs were partially offset by negative currency movements.

The Group's cash position on 30 September stood at AED23bn ($6.3bn), compared to AED22.2bn ($6.0bn) as at 31 March.