Emirates writes down $428m in fuel hedge losses

02 June 2009

Emirates Airline's annual report shows the carrier has written down fuel-hedging losses of Dhs1.57bn ($428m) for its fiscal year ending in March, after it had signed large fuel contracts before oil prices fell due to the global economic crisis. Emirates has said it had purchased much of its fuel needs when oil was between $70 and $80 a barrel, resulting in a fuel and oil bill of Dhs14.44bn for the fiscal year, a 31% increase from the previous year, reported The National.

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