Emirates profits to tumble
- Last Updated: August 02. 2008 8:39PM UAE / GMT
Emirates’ Airbus A380 touched down in New York on Friday, marking the first commercial arrival of the giant, double-decker passenger plane on US soil. Chip East / Reuters
NEW YORK // Tim Clark, the president of Emirates airline, says he will settle for profits below US$1.5 billion (Dh5.5bn) forecast at the start of the year as the carrier weathers the storm of record oil prices.
Mr Clark said yesterday rapidly rising fuel costs had hit Emirates just as hard as every other airline, and now accounted for almost half of the carrier’s total costs.
“It’s knocked us for six just as much as it has everyone else. We had a $1.5bn profit forecast for this year, but the way things have gone a few hundred million dollars would be fine,” he said.
To read more on this story go to: http://www.thenational.ae/article/20080802/BUSINESS/183336640/1043/NEWS