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Emirates airline posts record net profit despite war impact

DUBAI  - Emirates airline on Thursday posted a ​record full-year ⁠net profit despite the impact of the Iran ‌war, as the carrier cited strong travel demand throughout most ​of the period.

The Gulf carrier said in a statement its ​profit after ​tax rose to $5.4 billion in the 12 months to the end of March, up from $5.2 billion ⁠in the same period a year earlier, as higher passenger yield offset a slight decline in the number of passengers Emirates carried to 53.2 million.

The U.S.-Israeli ​war ‌with Iran, which ⁠began on ⁠Feb. 28, has led to severe disruptions as airspaces in ​the Middle East closed temporarily and ‌surging jet fuel prices lifted ⁠costs, leading to the air travel industry's biggest crisis since the COVID-19 pandemic.

The major Gulf carriers including Emirates have been gradually restoring capacity, but are still operating below pre-war levels, while renewed attacks on the United Arab Emirates this week cast uncertainty on a fragile ceasefire that entered into effect last month.

The ‌Dubai-based airline said its parent Emirates Group posted ⁠a record revenue of $41 billion, ​up 3% from a year earlier. The group will distribute total dividends of $1 billion to its owner, sovereign ​wealth fund ‌ICD.