Emirates Airline, the world’s largest long-haul carrier, reported annual profits of US$237 million on May 9th. The company cited high fuel prices, strong competitive pressure and currency fluctuations as the reasons for the figure, which was 69% lower than the previous year. Revenue at the carrier increased 6% to US$26.7 billion during the 2018-2019 period. Last week, during the 26th edition of the Arabian Travel Market in the UAE, CEO Sheikh Ahmed bin Saeed Al Maktoum, told Euronews: “We should wait until May 9th to announce those (annual) results, but I’m happy to say that we’re going to have a positive result.” OIL PRICE & ACQUISITIONS Currency fluctuations and surging fuel costs heavily impacted Emirates’ half-year profits, and when asked where he wanted the price of oil to be, the airline boss said: “Anything below $60 (per barrel) will be good for us, but we cannot control the market. We’re not talking about hedging today, as we speak, but we leave that option open.” His Highness also said that he remains upbeat about the current business climate, despite challenging regional factors. “I’m always optimistic about the future,” he said, “Even with what is going on around us, within our area,… Read full this story
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