Emirates Group reports 34 pct profit surge

Emirates Group said Thursday that its profit surged 33.7 percent in the year that ended in March, the second highest rate in the firm's history.

The group is the parent company of Emirates Airline, whose profit during the period rose 40 percent, according to chairman and chief executive officer Sheikh Ahmed Bin Saeed Al-Maktoum.

Emirates Airline, the largest operator of Airbus A380 and Boeing 777 planes worldwide, generated a profit of 1.23 billion dollars, up 40 percent from 887 million dollars in the previous fiscal year.

Sheikh Ahmed said the results marked the 27th consecutive year of profits for the biggest carrier group in the Middle East.

Lower oil prices cut cost in the second half of the fiscal year, but "it did not offset our profitability hit caused by significant currency fluctuation, nor our revenue hit from operational adjustments in addressing the Ebola outbreak and armed conflicts in several regions," he said.

Regarding the outlook, Sheikh Ahmed said ongoing uncertainty for several currencies and economic markets worldwide will continue to pose a challenge, as will the "looming threat of protectionism in some countries. "

He expressed confidence in the group's "strong foundation for continued profitability."

Emirates Airlines operates 221 aircraft to over 144 destinations worldwide from Dubai airport.

The group consists of 80 subsidiaries and operates across six continents, with an 84,000 strong team comprising over 160 nationalities. Endit