Emirates yearly earnings drop 72 percent amid downturn, but airline maintains profit streak

Emirates, the Middle East's biggest airline, says its profit tumbled 72 percent in the last fiscal year as it struggled with soaring fuel prices and a slumping global economy that hurt demand for air travel.

The carrier and its affiliated businesses posted a profit of 1.49 billion dirhams ($406 million) for the year ended March 31, down from a record profit of 5.3 billion dirhams in the previous fiscal year.

The figures include profit for the passenger airline as well as cargo services, tour operations and other related travel businesses.

Emirates says it is the group's 21st straight profitable year.

Revenue over the fiscal year rose to 46.3 billion dirhams, from 41.9 billion dirhams a year earlier.