(MENAFN) Dubai's Emirates airline predicts lower oil prices to translate into fuel savings in the financial year this month but is braced for foreign exchange hits in markets such as Europe, India and Russia, its chief operating officer said, Emirates 24/7 reported.
He did not put a figure on the fuel costs but said their proportion of the company's total costs was expected to fall to 35-37 percent, from 42 percent in the previous 12 months.
"There has been a direct reduction to operating costs with the reduction of fuel price," he told reporters at the sidelines of a border security conference in Dubai.
Jet fuel prices have tracked a steep drop in oil prices since June last year. The International Air Transport Association (Iata) has forecast a combined USD25 billion in 2015 net profit for airlines, up from USD19.9 billion estimated profit in 2014, mainly driven by lower fuel costs.
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