Emirates H1 Profits Down 76 Percent as Fuel Costs Soar

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Dubai's Emirates airline posted Thursday a 76 percent drop in net profits in the first half of its financial year, reaching 827 million dirhams ($225 million) as fuel cost surged, a statement said.

The state-owned carrier, which posted net profits of 3.4 billion dirhams ($925 million) in the corresponding period last year, said climbing fuel prices have inflicted an extra cost of one billion dollars.

Its financial year begins on the first of April.

"Emirates remained focused on its long-term strategy despite global instability, ever-climbing fuel prices which resulted in Emirates paying $1 billion more in fuel costs over the same period last year and fluctuating exchange rates," said the group's chairman Sheikh Ahmed bin Saeed al-Maktoum in a statement.

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