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Emirates Profits Drop By 53%: High Fuel Prices, Currency Instability
Emirates’ profitability has been reduced by 53% according to its published reports released this week. Profits dropped to $296 million due to a 37% increase in fuel costs as well as the negative impact of currencies in certain markets. The Emirates Group’s revenue, however, has increased by 10% to $14.8 billion from $13.5 billion in the same period last year. (airwaysmag.com) More...
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Uhhhhhhh... Emirates Airline is owned by The Emirates Group, which is a government (United Arab Emirates) owned corporation. UAE is a member of OPEC and 30% of their economy is based on oil. So with higher oil prices, their economy does well, but the airline not as much. With lower oil prices, their airline does well, but the economy not as much. Can't have it both ways, fellas.
