Emirates flies high | beyondbrics | FT.com

Far away from the Icelandic volcano there is an airline that is making money. Lots of money. Emirates, the Dubai government-owned airline, today reported a four-fold increase in profits in the year to March to $964m and predicted predicted double digit growth for the current year.

While cost-cutting contributed to the result, the performance was supported by solid growth in passenger numbers, up 21 per cent to 27.5m , and in cargo volumes, up 12 per cent to 1.6m tons . The Dubai economy may have contracted last year but the airline, unlike many international rivals, did not.

Last year, Sheikh Ahmed bin Saeed Al Maktoum, the chairman, did not hold a press conference, after profits collapsed 80 per cent to $267m. But this year he seemed more than happy to host a meeting with reporters at the airline’s imposing offices near Dubai airport.