Emirates posts significant drop in profits, at USD 237 million

The Middle East's biggest airline, Emirates, says profits were down almost 70 per cent in the past fiscal year, reaching lows of USD 237 million, compared to last year's whopping USD 762 million.

The Dubai-based airline's parent company Emirates Group also posted lower profits at USD 631 million, down 44 per cent from last year.

Still, Emirates Group noted a record year for revenue at nearly USD 30 billion.

Revenue for the airline was slightly up at USD 26.7 billion.

The company said on Thursday that operating costs had increased substantially as it footed its biggest-ever fuel bill at more than USD 8 billion on the back of oil prices that climbed 25 per cent higher over the last year.

The company also says a strengthened U.S. dollar, lower airfreight demand and weakened travel demand contributed to eroded 2018-19 earnings.