DUBAI, United Arab Emirates - The parent company of the Middle East's biggest airline Emirates says its annual profit fell 61 per cent as soaring fuel costs ate into increased sales.
Emirates Group posted a profit Thursday of 2.31 billion dirhams ($629.4 million) for the fiscal year ending March 31. That compares with earnings of 5.95 billion dirhams a year earlier.
The fast growing Dubai-based carrier says it is the 24th year in a row it has turned a profit.
The government-owned company says it boosted revenue to 67.39 billion dirhams ($18.36 billion), up nearly 18 per cent over the previous year.
It says its fuel bill for the year jumped 44 per cent, pulling down its profits.