Emirates has declared a USD964 million profit (AED3,565 million) for the 12 months to 31-Mar-2010, an impressive performance against a backdrop of the worst global recession in generations. Chairman and CEO of the carrier, Sheikh Ahmed bin Saeed Al Maktoum, described the period as the airline’s “toughest year”. But a profit approaching USD1 billion is a tough year most of its competitors would be happy to endure. Whatever anyone says about Emirates being government owned, it is unavoidably an increasingly powerful model and extremely cost effective, while being able to drive better than average yields.