Annual Report 2008-2009 - Emirates.com

First Class Suite
10
Emirates President Emirates Airline
Tim Clark
Although a softening of income in the last quarter of the previous year had
indicated serious difficulties ahead, this prediction was an underestimation
of the global turmoil being faced by all airlines which impacted the
financial results and performance.
The worldwide recession has meant that the Asia Pacific, the “workshop
of the world”, has slowed considerably resulting in a dramatic fall in cargo
tonnage and depressed business travel from key markets such as Japan and
China. Europe, too, and the USA have been severely impacted.
With 30 carriers announcing bankruptcy, Emirates was not immune to the
challenging trading conditions, the worst in living memory.
But there were positive signs. Revenue increased by 17 per cent and
passenger numbers continued to grow with the airline maintaining its share
of the premium passenger traffic.
Emirates carried 22.7 million passengers, a seven per cent increase
compared with the previous year’s record numbers, while cargo saw a
growth of 10 per cent in tonnage and 14 per cent in revenue.