Emirates CEO Clark believes volatility in oil prices will not affect airfares

Dubai, June 13 (ANI): Emirates Airline CEO Tim Clark believes rising oil prices will not affect airfares in the coming times.

"I don't think airfares will go up. The value proposition remains. I think that Emirates, and the whole industry, has been remarkably resilient and fair and reasonable about what it's doing about its pricing," the Gulf News quoted Clark, as saying.

"If you look at the hospitality, or the retail sector, their prices have gone up and up and up and up. But as soon as you put your fare up five per cent in the airline industry, it's like the world is going to come to an end," he added.

Clark said his firm hoped for the oil prices to come down, and the rising price was one of the reason they had a decline in their firm's profits.

"We didn't do anything for a year. We hoped that oil prices would come down. We absorbed. This is part of the reason we had that fall off in profit, because we didn't pass it on. In the end, when you see Dh2 billion going out of your bottomline because you didn't put the fares up... so we have to impose the surcharges as they are," he said.

Clark also confirmed that Emirates would not be ordering any more planes from the forthcoming Farnborough International airshow. (ANI)