Emirates reports 52 percent rise in profits as growth of airline outpaces fuel prices
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The Dubai-based Emirates airline says its annual net profit rose by 52 percent as the carrier's fast growth outpaced rising fuel costs.
Emirates said Thursday that the airline posted $622 million in net profit in the 2012-2013 fiscal year.
The Emirates Group, which includes a travel services division, reported a 34 percent jump in net profit to $845 million.
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Emirates is locked in fierce competition with rival Gulf carriers Qatar Airways and Abu Dhabi's Etihad Airways. All three are aggressively expanding routes and fleets. Emirates this year began a partnership with Australia's Qantas that seeks to further boost Dubai's position as a transcontinental hub.
Emirates says its passenger count rose 16 percent. The growth countered fuel costs, up 15 percent to $7.6 billion compared with the previous fiscal year.