Emirates net profit drops 61% due to Fuel Costs

Emirates Group has posted a Net Profit of $626 million for year from 2011 to 2012 ending March 31st, a noticeable drop of 61% which is being blamed on rising fuel costs and unprecedented economic pressures in the region.

Previously Net Profit stood at $1.6 billion, although Chairman and Chief Executive Sheikh Ahmed bin Saeed al-Maktoum stated:

Achieving our 24th consecutive year of profit and maintaining an upward growth trajectory is an achievement that belies the industry norm.

Despite a difficult operating environment, Emirates Group continued to invest in and expand on its employee base, increasing its overall staff count by approximately 10%

Over the period of twelve months previous, the airline had acquired 22 new aircraft and added 11 new destinations as well as furthering capacity at 34 cities.