Emirates expects record profit as traffic rebounds; no immediate plans for IPO
Emirates CEO Shaikh Ahmad Bin Saeed Al Maktoum stated a strong rebound in passenger and cargo traffic will likely see the airline post record full year profit next week (Zawya Dow Jones, 04-May-2011). Profit for the 12 months to 31-Mar-2011 "will be very positive ... I think the results will be better than last year," Shaikh Ahmad said. The Chairman also noted that one month into the new financial year, the carrier expects to reported continued positive results in 2011, "despite the fact that certain markets are tough". He also said the carrier is in no hurry to sell shares to the public. "You launch an IPO because you need the money, in our case we don't have an issue, we don't need the money," Shaikh Ahmad said.
Emirates: "I always say that it is up to the Dubai government to decide when to launch an IPO. If they need to do it we don't have any problem. If they say OK, then within one year we will be ready to do it. But at the time being an IPO is out of the question for 2011 or 2012," Shaikh Ahmad Bin Saeed Al Maktoum, CEO. Source: Zawya Dow Jones, 04-May-2011.