The world’s leading airline Emirates has reported their lowest profit in 10-years due to high fuel costs and a stronger dollar.
The airlines net profit dropped by 69% to £182m in the year to 31 March, whilst passengers’ numbers moved slightly up by 0.2% to 58.6m.
Costs rose by 8% due to a 22% hike fuel prices, and the airline reported a fall in profit by 44% to $631m
The airline’s chief executive and chairman, Sheikh Ahmed bin Saeed Al Maktoum said, “Higher oil prices and the strengthened US dollar eroded our earnings, even as competition intensified in our key markets.
“The uptick in global airfreight demand from the previous year appears to have gone into reverse gear, and we also saw travel demand weaken, particularly in our region, impacting both Dnata and Emirates.”