Dubai-headquartered airline Emirates suffered its lowest half-year profit in a decade as it warned “the next six months will be tough".
Emirates today said its profit plunged 53 per cent to 1.1bn United Arab Emirates dirhams (£240m) while revenue climbed 10 per cent to 54.4bn United Arab Emirates dirhams (£48.3bn).
It said its results were hit by a “significant increase in fuel cost” and “unfavourable currency movements”.
Emirates said fuel prices increased 37 per cent compared to the same period last year.
Chairman and chief executive of Emirates, sheikh Ahmed bin Saeed Al Maktoum, said: “The high fuel cost as well as currency devaluations in markets like India, Brazil, Angola and Iran, wiped approximately 4.6bn dirhams from our profits.
“We are proactively managing the myriad challenges faced by the airline and travel industry, including the relentless downward pressure on yields, and uncertain economic and political realities in our region and in other parts of the world.”
He added: “The next six months will be tough, but the Emirates Group’s foundations remain strong.”