US

Emirates airline says profits are up amid lower oil prices

  • Sheikh Ahmed bin Saeed Al Maktoum, president of the UAE Department of Civil Aviation, CEO and chairman of The Emirates Group and Chairman of Dubai World talks to the journalists at the Emirates Airline annual results news conference in Dubai, United Arab Emirates, Tuesday, May 10, 2016. The Middle East's biggest airline, Emirates, said Tuesday its profits were up by about 56 percent to $1.9 billion in the last fiscal year largely due to lower oil prices that drove down fuel operating costs. (AP Photo/Kamran Jebreili)

    Sheikh Ahmed bin Saeed Al Maktoum, president of the UAE Department of Civil Aviation, CEO and chairman of The Emirates Group and Chairman of Dubai World talks to the journalists at the Emirates Airline annual results news conference in Dubai, United Arab Emirates, Tuesday, May 10, 2016. The Middle East's biggest airline, Emirates, said Tuesday its profits were up by about 56 percent to $1.9 billion in the last fiscal year largely due to lower oil prices that drove down fuel operating costs. (AP Photo/Kamran Jebreili)  (The Associated Press)

  • Emirates President Tim Clark talks to The Associated Press alongside the Emirates Airline annual results news conference in Dubai, United Arab Emirates, Tuesday, May 10, 2016. Clark says that despite the drop in revenue, the airline's fuel bill decreased to $5.4 billion over the last year, comprising around 26 percent of operating costs, compared to 35 percent the year before. Still, fuel remains the airline's biggest cost. (AP Photo/Kamran Jebreili)

    Emirates President Tim Clark talks to The Associated Press alongside the Emirates Airline annual results news conference in Dubai, United Arab Emirates, Tuesday, May 10, 2016. Clark says that despite the drop in revenue, the airline's fuel bill decreased to $5.4 billion over the last year, comprising around 26 percent of operating costs, compared to 35 percent the year before. Still, fuel remains the airline's biggest cost. (AP Photo/Kamran Jebreili)  (The Associated Press)

  • Emirates President Tim Clark talks to The Associated Press alongside the Emirates Airline annual results news conference in Dubai, United Arab Emirates, Tuesday, May 10, 2016. Clark says that despite the drop in revenue, the airline's fuel bill decreased to $5.4 billion over the last year, comprising around 26 percent of operating costs, compared to 35 percent the year before. Still, fuel remains the airline's biggest cost. (AP Photo/Kamran Jebreili)

    Emirates President Tim Clark talks to The Associated Press alongside the Emirates Airline annual results news conference in Dubai, United Arab Emirates, Tuesday, May 10, 2016. Clark says that despite the drop in revenue, the airline's fuel bill decreased to $5.4 billion over the last year, comprising around 26 percent of operating costs, compared to 35 percent the year before. Still, fuel remains the airline's biggest cost. (AP Photo/Kamran Jebreili)  (The Associated Press)

The Middle East's biggest airline, Emirates, says its profits jumped by about 56 percent to $1.9 billion in the last fiscal year largely due to lower oil prices that drove down fuel operating costs.

The Dubai government-owned airline says revenue, however, fell by four percent to $23.2 billion, mostly because of a stronger U.S. dollar that impacted currency exchange.

Emirates President Tim Clark told The Associated Press on Tuesday that despite the drop in revenue, the airline's fuel bill decreased to $5.4 billion over the last year, comprising around a fifth of operating costs, compared to 35 percent in 2014.

The airline's parent company, Emirates Group, which includes the Dnata ground and travel services provider, reported that profits rose to $2.2 billion, though revenue fell three percent to $25.3 billion.