High fuel costs appear to be the Great Leveller for airlines this year. The Dubai-based carrier Emirates reports a 72% fall in profits, to AED 1.5 billion ($409 million), for the fiscal year ending on March 31. That is despite revenues rising 14.9% to AED 62.3 billion. Fuel prices accounted for 40% of Emirates’ costs, increasing by 44.4% during the financial year. The airline says that it may restart fuel hedging.
“In addition to the cost of fuel, Emirates had an operationally challenging year with the political unrest across the Middle East and North Africa affecting flight schedules,” Emirates said in a statement.