Emirates Profit Rises 50% on Fuel Windfall, Long-Haul Routes
- Gulf No. 1 carrier expands Dubai hub with 29 A380s and 777s
- Hedging policy reaps full benefit of declining oil price
Is Emirates Airlines’ Pace of Growth Sustainable?
This article is for subscribers only.
Emirates Group boosted full-year profit 50 percent as the world’s biggest international airline expanded its wide-body jet fleet to siphon more long-haul travelers through Dubai and benefited from a decision not to hedge against fuel-price fluctuations.
Net income for the 12 months ended March 31 rose to 8.2 billion dirhams ($2.2 billion), Emirates said Tuesday. Revenue fell 3 percent, declining for the first time in at least 10 years. The dollar hurt revenue by 6 billion dirhams, while the company saved 9 billion dirhams as oil prices slid, Chairman and Chief Executive Officer Sheikh Ahmed bin Saeed Al Maktoum said.