Emirates Airline, the Middle East's largest air-carrier, has announced that it has recorded a sharp 72% decline in its net profit, which stood at 1 billion dirhams ($406 million) for the financial year ended on March 31, 2009.

The company had clocked a profit of 5 billion dirhams ($1. 45 billion) in fiscal 2008.

The Group's revenues have witnessed handsome 10.4% growth at 46 billion dirhams ($12.6 billion) from 41 billion dirhams ($11.4 billion) last year.

According to sources, the group has also retained a healthy cash balance of 8 billion dirhams ($2.4 billion) compared with 14 billion dirhams ($3.8 billion) in the previous fiscal.

The airline authorities said that the decline in profit was mainly because of the rising fuel prices in the first six months and then a decline in demand following the worldwide financial crisis amid a strengthening US dollar against major currencies.

(via TopNews Arab Emirates. Contributed by Rehan Rachid)