Dubai-based carrier Emirates has confirmed net profits of $1.2bn in the financial year ending March 31, 2015, a rise of 40 per cent.
Passenger numbers at the airline increased by 11 per cent year-on-year to reach a record 49.3 million.
The airline's parent company Emirates Group posted a net profit of $1.5bn, a rise of 34 per cent, while revenues of $26.3bn marked a 10 per cent increase on the previous financial year's results.
Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates, confirmed the airline's profits had been aided by a $544m saving in fuel costs, but revenues were challenged by currency fluctuations, the Ebola outbreak, regional conflicts and an 80-day runway upgrade at Dubai International airport.