DUBAI, United Arab Emirates (AP) – Emirates overcame the effects of temporary runway closures at its Dubai base to pull in a $1.24 billion annual profit, a 40 percent gain driven by the rapid expansion of its business and helped by a drop in fuel prices, the fast-growing airline said Thursday.
The Dubai government-owned carrier is by far the Middle East’s biggest airline, and is expanding rapidly by funneling mostly long-haul travelers through its base in the Gulf commercial center. That growth has helped make Dubai International Airport, which is undergoing a further expansion, the world’s busiest international air passenger hub.
The airline said it benefited from the drop in oil prices last year, giving it some relief on fuel costs. But it also cited a number of challenges affecting profitability, including the effects of the Ebola outbreak and armed conflict in several areas where it operates, the strength of the U.S. dollar – its hometown currency is pegged to the dollar – and nearly three months of Dubai runway work last summer that forced it to temporarily ground 19 planes.
Emirates’ earnings for the fiscal year that runs through the end of March of 4.56 billion dirhams, or $1.24 billion, far surpassed the 3.25 billion dirhams it earned during the same period a year earlier.
It was the 27th straight year of profit for the airline, a rare winning streak in the industry.
