FlyDubai says revenues rose to $1.7 billion in 2018, but the company ended the year with a loss of $43.5 million.

In a statement Wednesday, Dubai's government-owned budget carrier blamed fuel costs, rising interest rates and "unfavorable currency exchange movements" for the loss. It had made $1.5 billion in revenue in 2017, earning a narrow profit of $10 million that year.

FlyDubai said it flew 11 million passengers last year, just slightly up from the 10.9 million it flew in 2017.

The low-cost carrier has operations out of both of Dubai's airports, including Dubai International Airport, which is ranked the world's busiest for international travel. FlyDubai also has code-share flights with Dubai's flagship long-haul carrier Emirates.