Emirates reported its weakest full-year profit in a decade on Thursday as higher oil prices, a strong dollar and intensifying competition eroded profits at one of the world’s largest airlines.
The Dubai-based carrier, which last week warned its profit would be lower than in previous years, said net profit fell 69 percent to 871 million dirhams ($237 million) in the year to March 31.
Revenue at the state-owned airline rose 6 percent to 97.9 billion dirhams.
Chairman Sheikh Ahmed bin Saeed al-Maktoum said it had been a tough year and that performance was not as strong as the company would have liked.
It is the airline’s weakest profit since it made 686 million dirhams in the year to March 2009.
“Higher oil prices and the strengthened U.S. dollar eroded our earnings, even as competition intensified in our key markets,” said Sheikh Ahmed in a statement.
Emirates Group, which includes the airline and other units such as airport services, reported a 43.7 percent decline in full year profit to 2.3 billion dirhams.