Airline Emirates warns oil, dollar to hit first-half profit

Emirates earnings are being squeezed by higher oil prices, a strong dollar, and instability in the global economy, the airline’s chief commercial officer said Tuesday. The warning came ahead of Emirates’ half-year financial results for the period ending September 30, which will be released on Thursday. “The profit will be badly hit by the fuel,” Thierry Antinori said, adding that the airline’s fuel costs had risen by 40%. “It’s difficult to manage.” The airline’s profit more than doubled to 2.8b dirhams (US$762m) last year. But this year concerns about the global economy and political instability are hurting profit, Antinori said. The airline is optimistic despite pressure on margins; passengers numbers rose in the first half and its cargo unit is “excelling”, Antinori said. “We see the glass half-full. There is always opportunity.”<br/>