Dubai-based Emirates has reported a 69% fall in annual profits to $237m (£182m) - the lowest for a decade.
Costs rose 8%, mainly due to a 22% rise in the cost of jet fuel.
The company was also hurt by a stronger US dollar. Many of the company's costs are in dollars, but a lot of its income is in currencies which were relatively weak against the US currency.
The overall group reported a 44% fall in profit to $631m.