EMIRATES SKYCARGO SEES BOOST IN TONNAGE, REVENUE IN FISCAL 2000

EMIRATES SKYCARGO SEES BOOST IN TONNAGE, REVENUE IN FISCAL 2000

   Emirates SkyCargo, the air cargo unit of the Dubai-based Emirates Group, reported revenues improved 25.1 percent and volumes up 24.2 percent for the fiscal year ending March 31.

   Tonnage reached 335,194 tons while revenue reached a record $287.3 million, despite increased operating expenses and currency devaluation in key European and Indian Subcontinent markets.

   Cargo contributed 17.3 percent of the Emirates Group's operating revenue.

   Emirates Group reported record net profit of $145 million, up 24.1 percent, on revenue of $1.9 billion, up 24 percent. Emirates Airline and Emirates SkyCargo combined comprised about 80 percent of the group's net income and 93 percent of its revenue for the fiscal year. The combined airline unit reported net profit of $82 million, up 40.2 percent.

   Dnata, the group's passenger and cargo airport services unit, saw its net income fall 14 percent to $30 million.

   SkyCargo saw strong demand for cargo capacity, especially from Asia Pacific to Europe and from Europe to the Mideast. However, volumes declined in the fourth quarter due to slower economic growth in the United States and the European Union, the company said.

   The cargo unit's core capacity continues to be belly space on Emirates wide-bodied passenger aircraft, which is supplemented by leased freighters. Emirates took delivery of a Boeing 747-400F freighter from Atlas Air in January. A fourth weekly freighter frequency was introduced between Amsterdam and Dubai and Dubai and Hong Kong in August 2000.

   For 2001, SkyCargo anticipates growth of 17 percent through adding new routes and additional capacity.