Dubai’s Emirates Airline on Tuesday posted a two percent increase in half yearly profits, blaming high fuel costs and an “unfavourable” currency exchange environment for the slow growth.

The carrier’s net profits in the first half of the fiscal year to March 31, 2014 stood at 1.7 billion dirhams ($475 million), “up two percent from the same period last year,” Emirates said in a statement.

“High fuel prices, accounting for 39 percent of our expenditures, and the unfavourable currency exchange environment continue to eat into our profits,” said Emirates chief executive officer, Sheikh Ahmed bin Saeed al-Maktoum.

Revenues for the airline reached $10.8 billion, 12 percent up from $9.6 billion in the corresponding period last year.

The airline that operates the world’s largest fleet of A380s and the largest fleet of Boeing 777s, said its Passenger Seat Factor averaged 79.2 percent, slightly below last year’s 79.7 percent.

Emirates flies to 137 destinations in 77 countries, up from 126 cities last year in 74 countries.

SOURCE AFP