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Emirates mulls reviving hedging programme

05 March 2012

Sheikh Ahmed bin Saeed al-Maktoum, chairman of Emirates Airline has said the Dubai-based carrier may revive its hedging programme to help guard against soaring fuel costs, which forced it to pay an additional $1bn in its half year results alone, Reuters has reported. "Sometimes we have to accept that higher fuel prices is less profit," Sheikh Ahmed said when asked about earnings expectations for 2011. Emirates said fuel costs took up 41% of total operating costs in its half-year results for the year ending March 31, 2012, up from 33% a year earlier.

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