, DUBAI, May 7- Dubai’s Emirates Airline said Thursday annual profits surged 40 percent to $1.2 billion as revenues increased and fuel costs dropped.
The Middle East’s largest carrier said revenues rose seven percent to $24.2 billion with passenger numbers up 11 percent to 49.3 million in the financial year 2014-15.
The company said a significant drop in the price of jet fuel had reduced operating costs by seven percent to $7.8 billion.
Fuel represented 35 percent of operating costs, down from 39 percent the previous year.
Emirates said it faced challenges including a weaker US dollar, to which the UAE dirham is pegged, as well as an 80 day runway closure at its hub for upgrading.
The airline operates the world’s largest fleets of Airbus A380s and Boeing 777s.