The Emirates Group today announced its half-year results for its 2019-20 financial year.

Group revenue was AED 53.3 billion (US$ 14.5 billion) for the first six months of 2019-20, down 2% from AED 54.4 billion (US$ 14.8 billion) during the same period last year. This slight revenue decline was attributed to planned capacity reductions during the 45-day Southern Runway closure at Dubai International airport (DXB), 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 AED 1.2 billion (US$ 320 million). The profit improvement is said to be 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 30th September 2019 stood at AED 23.0 billion (US$ 6.3 billion), compared to AED 22.2 billion (US$ 6.0 billion) as at 31st March 2019.

Owned by the government of Dubai, the Emirates airlines started with a flight to Pakistan's Karachi in October 1985. The Pakistan International Airlines (PIA) provided training for the first staff members, and leased two airlines to the new company.

Since then, the Emirates has become a staple name in international airline travel.