The Emirates Group has warned that the immediate economic outlook for the aviation sector is not improving after it saw its net profit nosedive 72% for its financial year ending March 31, closing at Dhs1.49bn, compared to Dhs5.3bn in FY2007-08. The company blamed the combined impact of surging fuel prices last year and the global recession for the fall. However, Emirates pointed to the fact that it has now reported 21 consecutive full year net profits and said revenues increased 10.4% on the previous year to Dhs46.3bn, from Dhs41.9bn.