I just had a quick look at the figures provided at Emirates.com, it comes to me as no surprise that they are reporting a profit.
But figures are one thing. I find it hard to believe that Emirates wouldnt be one of the airlines affect the most from the war and SARS - even Singapore Airlines, one of the most profitable airlines reported a slight loss. Thus, I highly doubt Emirates would work the way it does without huge subsidies.
Regarding the fares, in Economy class they are at the lower end of the spectrum for flights from Europe to
DXB/Asia/Australia/New Zealand.
Maybe someone could shed some more light into the reasons behind their profitability? Low labour costs? Cheap aircraft deals? Free fuel?