Emirates airline posts boost in annual profits to $762M

DUBAI, United Arab Emirates — Emirates, the Middle East’s largest airline, says revenue improved over the past fiscal year, reaching $25.2 billion, with profits rising to $762 million.

The Dubai-based airline credited a recovery in the global air cargo industry and the strengthening of key currencies against the U.S. dollar for the boost.

Last year, the airline’s profits had fallen by more than 80 per cent from the previous year to $340 million as it grappled with a slump in demand linked to a range of headwinds, from political upheaval and terrorism in Europe to tougher travel restrictions to the U.S. Overall profits were down 70 per cent to $670 million.

On Wednesday, Emirates Group, which operates the airline, said its overall profits peaked at just over $1 billion and revenue reached a record $27.2 billion.