Flash – Emirates' profit fell 86 percent in oil price rises

© AFP | Passengers before the Emirates airline logo at Dubai International Airport on October 10.

DUBAI (Reuters) – Emirates Group said on Thursday its earnings fell 86 percent due to higher oil prices, according to the AFP's semi-annual report.

The results showed that the results of its operations between April 1 and September 30, 2018 were also affected by "fluctuations in exchange rates in some markets, in addition to other challenges faced by carriers and tourism in general."

Revenues for this period grew by 10 percent to 48.9 billion dirhams ($ 13.3 billion), but dropped 86 percent to 226 million dirhams ($ 62 million), he said.

"The high fuel prices and low exchange rates in major markets such as India, Brazil, Angola and Iran have pumped out about 4.6 billion dirhams from our profits," said Sheikh Ahmed bin Saeed Al Maktoum, Emirates' Managing Director.

"The next six months will be hard, but the Emirates Group will remain strong."

Emirates, one of the largest carriers in the region and the world, is the largest operator of Boeing 777 and Airbus A380.

© 2018 AFP

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