Thursday May 10, 201202:38 PM GMT
Emirates airline annual profits hit by high fuel prices
Emirates is among the top 10 airlines in the world by passenger numbers.
Emirates is among the top 10 airlines in the world by passenger numbers.
Thu May 10, 2012 2:18PM
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Dubai's flagship carrier Emirates airline group says its annual profit dropped 61 percent due to record high fuel prices and economic pressures.


The company announced on Thursday that it had a net earning of close to USD 630 million for the 2011 fiscal year (ended March 31). That compares with USD 1.6 billion for the previous year.

The state-owned company has blamed the fall on unprecedented economic pressures and record high fuel prices.

"Managing volatile exchange rates, coupled with our highest ever fuel bill, has required immense tenacity. Retaining growth and remaining profitable in these challenging economic times shows our profound understanding of the markets that we do business in," said chairman and chief executive Sheikh Ahmed bin Saeed al-Maktoum.

The company also noted that part of the drop in profits has been due to the group's new investments.

"Throughout the 2011-12 financial year the Group has collectively invested close to USD 3.8 billion in new products. This investment has garnered new customers and increased our international presence," Sheikh Ahmed added.

Emirates is among the top 10 airlines in the world by passenger numbers. It flies to more than 120 destinations in 73 countries.

TNP/JR
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