Emirates profit more than doubles on currency boost

Dubai: Emirates airline on Wednesday reported a sharp increase in profits for 2017 as a favourable dollar exchange rate and lower staff numbers helped the long-haul carrier to rebound from a profit fall in its previous financial year, its first annual profit decline in five years.
Emirates' profit more than doubled to Dh2.8 billion ($762 million) in the financial year to March 31, compared with Dh1.3 billion a year earlier, the airline said.
Airlines around the world have been battling pressure on fares over the last couple of years due to volatile demand and fierce competition.
Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum said though business conditions improved they had remained tough.
"We saw ongoing political instability, currency volatility and devaluations in Africa, rising oil prices which drove our costs up, and downward pressure on margins from relentless competition," Sheikh Ahmed said in a statement.
Revenue rose 9 per cent to 92.3 billion which reflected the benefits from the strengthening of currencies against the dollar.
The airline marginally filled more seats than it added, leading to a rise in the average yield per passenger. It carried 58.5 million passengers in the year, representing an annual increase of 4 per cent.
Emirates workforce shrank by 4 per cent to 62,356, as part of "productivity improvement initiatives."
The airline's cabin crew numbers fell by 5.3 per cent to 23,135, and pilots by 0.3 per cent to 4,157.
Emirates Group profit rose 67 per cent to Dh4.1 billion. Its total workforce, which includes the airline and airport services company dnata, was down by 2 per cent to 103,363.
The group will pay a Dh2 billion dividend to Investment Corporation of Dubai (ICD), the state investment vehicle which owns the airline and stakes in other Dubai companies, having not paid one a year ago.