Emirates Airline's first half profit surges 65% to $849m

Dubai's Emirates airline said Thursday its net profit surged 65 percent in the first half of the financial year to $849 million (781 million euros) on lower fuel costs and higher passenger numbers.

The largest Middle East carrier said fuel prices were 41 percent lower than a year before, while passenger numbers jumped 10 percent to 25.7 million in the six-month period ending September 30.

"This performance reflects the impact of lower fuel prices, and also the airline’s continued ability to grow passenger demand in line with significant capacity growth," Emirates said.

This was "despite external challenges such as continued regional unrest and economic malaise in many regions, and increased competition adding downward pressure on yields."

The carrier's revenues stood at 42.3 billion dirhams ($11.5 billion), down 4.2 percent on 44.2 billion dirhams ($12 billion) the year before.

Emirates cited "an unfavourable currency environment" due to a higher US dollar, as well as lower average fares "reflecting the airline’s decision to pass on some of its fuel cost savings to customers."

Emirates annual profits surged 40 percent to $1.2 billion last year on the back of lower fuel costs and increased revenues.