Emirates Airline reported a 69 per cent drop in net profits on Thursday on high fuel prices and a strong dollar in what it described as a “tough” year.
The Dubai carrier posted $237 million in net profits for the financial year ending in March compared to $765 million in the previous year, it said in a statement.
“2018-19 has been tough, and our performance was not as strong as we would have liked,” the chairman and chief executive of Emirates Group, Sheikh Ahmed bin Saeed Al-Maktoum, said in a statement.
“Higher oil prices and the strengthened US dollar eroded our earnings, even as competition intensified in our key markets,” he said.
The airline said that the strengthening of the US dollar against most of the currencies of its key markets eroded $156 million from profits.
