Dubai-based Emirates has announced massive profits at a time when most other airlines are struggling. The airline posted year-end profits of $964 million, an increase of over 400 per cent. Emirates claim that it has been able to weather the recession, which has crippled some other airlines, by continuing its strategy of growth.

Emirates has also managed to knock 2.7 per cent off its outgoing costs. The airline has benefitted from a cost cutting strategy, which includes putting a freeze on recruitment and offering staff unpaid leave. Favourable oil prices have also meant that the airline has been able to cut its fuel costs.

Managing director of Emirates, Tim Clark, said that whereas other airlines had decided to cut fleet sizes to cope with a drop in passenger numbers during the recession, it was not the way Emirates operated. He added that the airline knew that people wanted to continue to travel and that they just needed to be given the right environment in which to do so.

Mr Clark went on to say that as Emirates continued to build its fleet, it had been able to take advantage of the growing economies of Africa and Asia in order to keep seats full. This year the carrier will add eight more A380s to its fleet, part of a $48 billion order for 146 aircraft.

When commenting on the recent trend for airlines to merge with each other, like British Airways and Iberia, Mr Clark said that Emirates had no plans to follow suit. He bullishly added that if an airline can’t make it on its own, then it will never make it.