Dubai-based Emirates airline profits nosedived 82 percent to AED1.3 billion ($340m) for the 2016-2017 financial year ended March 31, as a “relentless rise” in the US dollar impacted revenues by AED2.1 billion ($572 million).
Despite the profit drop, revenues remained stable at AED85.1bn ($23.2bn), as year-on-year passenger numbers grew 8 percent to 56.1 million.
Total operating costs increased by eight percent despite the average price of jet fuel falling. Fuel rose by 6 percent over the last year to AED21bn ($5.7bn). Fuel was 25 percent of operating costs, compared to 26 percent in 2015-16, but it remained the “biggest cost component for the airline”.
The Emirates Group — of which the airline is a subsidiary — posted profit of AED2.5bn ($670 million), down 70 percent from last year’s profit. The group’s revenue reached AED94.7bn ($25.8bn), an increase of two percent over last year.
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