Record year profits for Emirates

The Emirates Group has defied a challenging business climate to report a record $1.6 billion net profit, its 23rd consecutive year of profit.

The group, which includes Emirates airline and dnata, claimed it was continuing to "push the boundaries of aviation, questioning the norms and advocating for open and fair competition".

"Despite unforeseen challenges in the form of political instability and shocking natural disasters we have managed, through sheer determination, nimbleness and quick thinking, to produce our best ever result," said chairman and chief executive His Highness Sheikh Ahmed bin Saeed Al Maktoum.

"With political instability across parts of the world coming to the fore in the second half of the year, Emirates was able to swiftly adjust flight schedules, redeploying aircraft to balance the network and optimise revenue.

"The airline's notable ability to drive revenue, in the midst of an unstable business environment, enabled it to partially shield itself against a dramatic increase in fuel prices in the second half of the year."

The group's revenue increased by 26.4% to $15.6 billion.

Emirates airline revenues grew by 25% to $14.8 billion.

Profits of $1.5 billion marked an increase of 51.9% over 2009-10's profits.