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Emirates posts record profit despite war‑induced disruptions

Financial Times Companies •
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Dubai‑based Emirates posted record financial results despite the Middle East war that forced it to ground part of its fleet in the final month of its fiscal year. Pre‑tax profit rose 7 percent to $6.6 billion, while revenue reached a new high of $41 billion. The carrier said it has now restored roughly 75 percent of pre‑conflict flight schedules, covering 96 percent of its global network.

Chairman Sheikh Ahmed bin Saeed Al Maktoum credited the airline’s “proven business model” for weathering the crisis, noting that cash reserves remain ample enough to fund new aircraft deliveries, retrofits and facility upgrades without resorting to “knee‑jerk” cost cuts. Passenger traffic slipped marginally to 53.2 million, and load factor dipped to 78.4 percent.

While rivals such as Delta and Lufthansa have trimmed capacity—Delta by 3.5 percent and Lufthansa by 20,000 flights—Emirates avoided any financial injection from its owner and kept its growth trajectory intact. The results underscore the carrier’s resilience and give investors confidence that its profit engine can withstand regional volatility.

Jet fuel prices have roughly doubled since the conflict began, prompting many airlines to slash capacity by an estimated two million seats for May, according to Cirium. Emirates, however, said it holds sufficient fuel to maintain operations and will continue its aircraft acquisition programme, reinforcing its position in a tightening market.