Dubai – Mubasher: Emirates has reported a growth in profit, pushed up by the decline in oil prices, which hindered the GCC economies.
On Wednesday, Emirates has posted a net profit of AED 2.8 billion ($762 million) for the fiscal year ended 31 March.
However, the recovery of oil prices was not a good news for the UAE-based carrier, as it put on fuel costs incurred by the company and, consequently, reduced its profits.
"[Oil is] a commodity that we cannot control but of course this year it was something like about 28% of our total costs was the fuel," Emirates Group’s CEO and chairman Ahmed bin Saeed Al Maktoum told CNBC.
"If you tell me, I always want the lowest [oil] price but it is the market that will determine that,” CNBC reported, citing the top official as saying.
Emirates Group has announced earlier today that it will pay AED 2 billion ($540 million) approximately in cash dividends for FY17/18.
