EMIRATES SKYCARGO POSTS REVENUE GAINS

EMIRATES SKYCARGO POSTS REVENUE GAINS

   Emirates SkyCargo said its revenue improved 8.7 percent to $312 million in its fiscal year ended March 31, while tonnage carried improved 19.5 percent to 400,569 tons.

   Of its revenue totals, $288.3 million was for cargo, $18.8 million for express shipments, and $5.1 million for mail.

   “This has been one of the toughest years since the airline’s startup in 1985,” said Ram Menen, Emirates’ director of Cargo. “For air cargo, the recession in Asia and Europe, created by the slowdown in the U.S., had a severe effect on loads from January to October 2001.”

   For the current 2002-2003 financial year, Emirates SkyCargo is forecasting significant growth of 21 percent in revenue terms, and 24 percent in volume.

   Emirates, the parent company of Emirates SkyCargo and Dnata, the general sales agent for more than 30 international airlines, reported net income of $164 million, up 13.5 percent for its fiscal 2001-2002. Revenue rose 12.9 percent to $2.1 billion.