Emirates Airline 1st-half Profit More Than Doubles

ADAM SCHRECK

DUBAI, United Arab Emirates (AP) — Emirates airline said Thursday it more than doubled its fiscal first-half profit thanks to cost cuts and lower fuel prices, but warned it would take time for travel demand to rebound significantly.

The Mideast's biggest airline said it earned 752 million dirhams ($204.9 million) in the six months through September, up from 284 million dirhams ($77.4 million) during the same period a year earlier.

Profit increased despite a 14 percent drop in revenue.

Dubai-based Emirates attributed the increased earnings to cost control measures and a decline in jet fuel prices, which have fallen sharply since last year along with the price of oil.

"The months since the global meltdown have really tested our mettle," Sheik Ahmed bin Saeed Al Maktoum, the carrier's chairman and chief executive, said in a statement. He said the profit growth was a testament to Emirates' "strong business foundations and agility in adapting to the challenging global economic environment."

Despite the global downturn, Emirates' pressed ahead with its focus on aggressively growing its business. The airline added eight planes to its fleet during the first half. It has launched two new routes and added flights on others.