Emirates predicts 18-month lull in air demand eNCA
It was the 32nd straight year of profit for Emirates, which operates a fleet of 115 Airbus A-380 superjumbos and 155 Boeing-777 airliners.Emirates Group chief Sheikh Ahmed bin Saeed Al-Maktoum said the airline had performed strongly in the first 11 months of the fiscal year.
This caused"a sudden and tremendous drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions." Emirates' profits were boosted by a fall in oil prices, causing a 15 percent decline in fuel costs to $7.2 billion -- around 31 percent of its operating costs.However, the carrier saw its annual revenues decline by six percent to $25 billion due to the coronavirus pandemic and the closure of a runway at Dubai airport.
The strong US dollar eroded $272 million of profits, while intensive competition also affected the bottom line.
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