DUBAI: Emirates, Dubai’s flagship carrier, reported a 56 per cent jump in annual net profit from its airline operations, the company’s chief executive said on Tuesday. The world’s fourth-largest carrier of international passengers posted a profit of Dh7.1 billion ($1.93 billion) for the financial year to March 31, Sheikh Ahmed bin Saeed al-Maktoum told a news conference. The airline benefited from a 28 per cent oil-price drop in the fiscal year after opting not to hedge against crude, he stated.
The company saved Dh9 billion as oil prices declined, while the strong dollar impacted revenue by Dh6 billion, Sheikh Ahmed stated. “The strong dollar against major currencies will continue to be a challenge,” Sheikh Ahmed said at a press conference in Dubai. ”We expect low oil prices to be a double edge sword, good for operating costs but bad for global business and consumer confidence. There’s pressure on yields, so we invest profits into the business,” he added.
