Emirates airline, stung by soaring fuel prices, posts $1.1 billion dollar loss

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UAE

Emirates airline, stung by soaring fuel prices, posts $1.1 billion dollar loss

Dubai's Emirates Airline narrowed its losses to $1.1 billion in the year to March, even as soaring jet fuel costs threaten to overshadow a recovery in travel demand. The world's largest long haul carrier said revenue jumped 91% to $16.1 billion dollars, as travel lockdowns eased and the airline added capacity. Emirates posted a $5.5 billion loss in the previous year. "2021-22 was largely about recovery, after the toughest year in our Group's history," Emirates Group Chairman and Chief Executive Sheikh Ahmed bin Saeed Al Maktoum said in a statement on Friday.  "We expect the Group to return to profitability in 2022-23, and are working hard to hit our targets, while keeping a close watch on headwinds such as high fuel prices, inflation, new COVID-19 variants, and political and economic uncertainty." The airline had resumed flights to 140 destinations by the end of March, but the surge in fuel prices — up more than 50% so far this year — continues to challenge the . Emirates said its fuel bill more than doubled to $3.8 billion dollars as the price of oil and jet fuel soared in recent quarters. "It's very difficult to establish where that price will stop,

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