Emirates warns oil, dollar to hit profit

Emirates earnings are being squeezed by higher oil prices, a strong dollar, and instability in the global economy, the airline’s chief commercial officer said yesterday.

The warning came ahead of Emirates’ halfyear financial results for the period ending September 30, which will be released tomorrow.

“The profit will be badly hit by the fuel [price rise],” Thierry Antinori said at an aviation conference in Dubai, adding that the airline’s fuel costs had risen by 40 per cent. “It’s difficult to manage.”

The airline’s profit more than doubled to Dh2.8 billion ($762 million) last year.

But this year concerns about the global economy

The airline’s profit more than doubled to Dh2.8 billion ($762 million) last year. But this year concerns about the global economy and political instability are hurting profit, Antinori said.