May 3, 2002	Friday	Safar 19, 1423

KARACHI, May 2: Like all other airlines, Emirates too remained under pressure of the global recession and the fall out effects of the September 11 event during the outgoing year 2001-02. Yet it managed to earn revenue, declare profit and announced of making a provision of 100 million dirhams dividend for the shareholders and a three-week salary bonus for all the employees.

“We did not make a single employee redundant, and paid salary increments in full,” Sheikh Ahmad bin Saeed Al Maktoum, chairman of Emirates, declared at a press conference on Tuesday (April 30) in Dubai.

Total revenue of the group that manages Emirates airlines and Dnata airport services was 7.8 billion dirhams. Net income of Emirates was 603 million dirhams and that of Dnata was 134.8 million dirhams.

Sheikh Ahmad also announced a fleet expansion programme of $15 billion till 2010 when Emirates would be having 100 aircraft. “The orders were placed during Dubai air show in November last,” he said and pointed out that Emirates plans to have 22 A380 Super Jumbos, 25 Boeing 777 and eight A340-600 in addition to six A340-500 very long range airbuses.

“Also outstanding was the enthusiastic response to our first bond issue in July last year. The bond closed for 1.500 million dirhams ($408 million) being oversubscribed more than

two-and-a-half times,” he declared.

Maurice Flanagan, managing director of the group, in his report revealed that world airlines suffered a total loss of $12 billion after September 11 event. “Global passenger traffic declined by four per cent and cargo by nine per cent,” he pointed out and referred to a research report of the World Travel and Tourism Council which said that global travel and tourism fell by 4.4 per cent in real terms during 2001 and is expected to fall by another 3 per cent in 2002.