The Middle East’s biggest airline, Emirates, says profits were down almost 70% in the past fiscal year, reaching lows of $237 million, compared to last year’s whopping $762 million.
The Dubai-based airline’s parent company Emirates Group also posted lower profits at $631 million, down 44% from last year.
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Still, Emirates Group noted a record year for revenue at nearly $30 billion. Revenue for the airline was slightly up at $26.7 billion.
The company said on Thursday that operating costs had increased substantially as it footed its biggest-ever fuel bill at more than $8 billion on the back of oil prices that climbed 25% higher over the last year.
The company also says a strengthened U.S. dollar, lower airfreight demand and weakened travel demand contributed to eroded 2018-19 earnings.
