Emirates profits up 49%
by Brian Turner
Emirates, the airline owned by the government of Dubai, has reported a rise in full-year profits of 49 percent, bringing its net profits to $637 million.
In that year the airline carried 12.5 million passengers, up 2.1 million from the previous year.
The chairman of Emirates called it the seventeenth consecutive profitable year. This was achieved despite higher fuel prices, stiff competition, and fallout from the Asian tsunami.
One board member called rising fuel prices the biggest threat to future profits. Fuel costs were 21 percent of operating costs in the year just reported, up from 14 percent the previous year.
These higher prices have caused Emirates to postpone plans to open direct routes from Dubai to San Francisco, Houston, and Chicago.
The airline insists that it has to cope with rising fuel costs just like any other airline and denies that it receives any subsidies from Dubai or the United Arab Emirates.
Emirates is also looking into the possibility of an IPO.
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