Don't miss

Replay


LATEST SHOWS

ENCORE!

The highs and lows of Cannes for the critics

Read more

EYE ON AFRICA

Remembering our friend and colleague Jean Karim Fall

Read more

MEDIAWATCH

Bad diplomacy, brawls & bromance

Read more

ENCORE!

Cannes 2017: Pitch Perfect's Brittany Snow becomes an urban warrior

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 1)

Read more

THE WORLD THIS WEEK

US President wraps up world tour in Italy (Part 2)

Read more

FOCUS

The battle against illegal fishing in West Africa

Read more

DOWN TO EARTH

Trump has already quit the Paris climate deal - just not publicly

Read more

#TECH 24

The Ice Memory Project: A treasure trove for future scientists

Read more

Emirates sees profits plummet

Text by AFP

Latest update : 2008-11-10

The leading Middle Eastern carrier, Emirates, said first-half profits plunged 88% to $77 million, down from $643 million a year earlier, mainly due to record fuel prices.

Dubai's Emirates airline said on Monday its net profit for the first half of the financial year dropped a dramatic 88 percent to 77 million dollars because of high oil prices.
  
The largest Middle East carrier said its profit for the six months to September 30 plunged to 284 million dirhams (77 million dollars) from 2.36 billion dirhams (643 million dollars) in the same period last year.
  
"The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut shops or consolidate," Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement.
  
"Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business," he added.
  
The government-owned carrier said its overall fuel costs were higher than budgeted by 469 million dollars.
  
For the full year to March 31, Emirates reported a 62 percent surge in net profit to 1.37 billion dollars.
  
Its fleet stands currently at 121 aircraft, including two Airbus A380 superjumbo jets. It flies to 100 destinations.

Date created : 2008-11-10

COMMENT(S)