Dubai’s Emirates Airline may still be the subject of plenty of insinuation from its western rivals about subsidies and the luxuries of operating from an oil-rich country. But in its annual results released on Thursday, the airline said high fuel prices hit hard in the last year – harder even, it reported, than some of its European rivals.
Despite record revenues of AED62.3bn ($17bn) for the year, net profit dropped to AED1.5bn, down a full 72 per cent on the previous year. While regional political turmoil caused flight cancellations and similar headaches, the airline wrote in its annual report that fuel prices were the main culprit. With an AED24.3bn fuel bill up 44.4 per cent on the prior year – representing a full 40 per cent of total operating costs – Emirates said high oil prices remain the factor to watch in the coming year.
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