Emirates airline records 72% decline in profit

Emirates airline on Thursday said it has recorded a 72.1 per cent decline in net profit for financial year 2011-12 owing to high fuel prices. The airline’s net profit for the financial year ended March 31, 2012, rested at Dh1.5 billion ($409 million) compared to the previous year's net profit of Dh5.38 billion. “The stifling cost of jet fuel impacted Emirates’ bottom line with the airline’s profit sitting significantly lower than the previous year,” the carrier said in a statement, adding that in 2011-12 financial year Emirates’ fuel bill increased by 44.4 per cent over last year to reach Dh24.3 billion, adding that 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 Group, on the whole, recorded a net profit of Dh2.3 billion in financial year 2011-12, down 61 per cent from the previous year's net profit of Dh5.9 billion. Meanwhile, dnata, the ground handling unit of Emirates, made its “highest ever profit in 52 years of operation” at Dh808 million, the company said in the statement.