Emirates profits fall 88 per cent due to fuel costs

DUBAI: Record fuel prices have dragged down Dubai-based Emirates Airline's first-half year gains with profits falling by 88 per cent compared with the same April-to-October period last year.

The sharp downturn in profits came despite the airline reporting a 31 per cent jump in revenues to Dh 22.1 billion (1 USD=3.7 Dh), after it opened new routes and increased capacity by 13 per cent.

During the same period last year, the airline had registered first half income worth Dh 2.36 billion (USD 643 million).

"Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business and provide our customers with a quality product," Sheikh Ahmed bin Saeed, the chairman of Emirates Airlines said.