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Emirates 2015 profit increases 50pc on fuel, though revenue slips 3pc

DUBAI's Emirates Group increased its annual net profit 50 per cent year on year to AED8.2 billion (US$2.2 billion), drawn on revenues of AED96.5 billion, which declined three per cent.

"The strong dollar against major currencies will continue to be a challenge," said Emirates chairman and CEO Sheikh Ahmed bin Saeed.

"We expect low oil prices to be a double-edged sword, good for operating costs but bad for global business and consumer confidence. There's pressure on yields, so we invest profits into the business," he said.

Emirates added 29 Airbus Group A380s and Boeing 777s to what was already the biggest wide-body fleet, expanding its hub and winning more long-haul transfer traffic from rivals.

Emirates president Tim Clark said the airline is ready to take more current A380s if the A380 NEO isn't produced and can increase the order to 200 planes from 140 once the carrier moves to the new airport.

Emirates Airline's profit increased 56 per cent to AED7.1 billion as revenue fell four per cent as 51.9 million passengers flew with the company, an increase of eight per cent year on year.

Abu Dhabi-based Etihad Airways, the Gulf抯 No 3 carrier, posted net income of $103 million for the 2015 calendar year, up from $73 million a year earlier. Qatar Airways, the No 2, plans to publish the numbers in June.

The International Air Transport Association estimated in December that Middle Eastern airlines would earn a collective $1.4 billion in 2015, rising to $1.7 billion this year.