Emirates profit sinks on oil cost

Emirates is the biggest Middle East airline

Emirates Airline has reported a 88% drop in its net profit for the half year to 30 September, out largely down to higher oil prices.

The biggest Middle East carrier's net profit was 284m dirhams ($77m, £48.8m), from 2.36bn dirhams a year earlier.

The Dubai government-owned airline said its fuel costs were $469m higher than it had planned in its budget, during a "very tough time" for the industry.

The company's operating revenue rose 31% to $6bn.

"The first half of the year has been very tough for the airline industry, with record fuel prices forcing many carriers to shut shops or consolidate," Emirates chairman Sheikh Ahmed bin Saeed al-Maktoum said in a statement.

"Emirates has worked hard to manage the impact of high fuel prices on our unit costs, while continuing to grow our business," he added.

The airline is the largest customer of the A380 superjumbo. It currently has two A380 airliners in its 121-aircraft fleet.