Leading Middle East airline Emirates said Wednesday (May 9th) its net profits had more than doubled last year, mainly on improved cargo business, AFP reported.
The Dubai flagship carrier posted a 124% increase in net profit to $762 million in the fiscal year ending in March.
Despite the sharp increase, the profit is still far below the $1.9 billion the airline recorded in the 2015-16 financial year.
"We benefitted from a healthy recovery in the global air cargo industry, as well as the relative strengthening of key currencies against the US dollar," said chairman and CEO Sheikh Ahmed bin Saeed al-Maktoum.
He said the positive results came despite tough business conditions in the last fiscal year due to political instability, currency volatility, devaluations in Africa and rising oil prices.
The company said profits were also boosted by the lay-off of some 3,000 employees.
