Emirates COO Antinori resigns after Gulf carrier posts 69% drop in full-year profit

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At the end of the week where Dubai-based Emirates posted a 69 percent drop in its full-year profit, the carrier’s Executive Vice President and Chief Commercial Officer, Thierry Antinori, has resigned with immediate effect. Adnan Kazim, Divisional Senior Vice President, Strategic Planning, Revenue Optimisation and Aeropolitical Affairs has been appointed as the acting CCO in his place. 

Emirates has blamed the major reason for the poor result on higher oil prices and strong currency volatility. The airline made a net profit of ARD871m (US$237m) in the year to March 31, compared with AED2.8bn (US$763m) in the previous year. Revenues during the 2018-2019 fiscal year increased by 6 per cent to AED97.9bn (US$26.7bn). Total operating costs increased by 8 per cent over the 2017-18 financial year, with the average price of jet fuel climbing by a further 22 per cent during the period after last year’s 15 per cent increase. With the airline boosting capacity by 3 per cent, its fuel bill increased “substantially by 25 per cent” over last year to AED30.8bn US$8.4bn). “This is the biggest-ever fuel bill for the airline, accounting for 32 per cent of operating costs,” the carrier confirmed.

Antinori joined Emirates in October 2011 as executive vice president for Passenger Sales Worldwide. In June 2013, he was promoted to the role of the CCO, where he was responsible for commercial operations and products, Emirates Skywards and Emirates Skycargo. Antinori oversaw a partnership alignment last year that saw Emirates Skywards become the loyalty program for both Emirates and Flydubai. He had previously worked with Lufthansa and Air France.

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