Dubai (CNN Business) Profits at Emirates have slumped to their lowest level in a decade as oil prices rise.

The Dubai-based carrier spent $8.4 billion on fuel during the year to the end of March, a 25% increase from the previous year. It's the biggest fuel bill in the company's history.

Fuel now accounts for 32% of the airline's operating costs. Profit for the year fell by 69% to $237 million, Emirates said in a statement.

"Higher oil prices and the strengthened US dollar eroded our earnings, even as competition intensified in our key markets," Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum said.

Jet fuel prices climbed an average of 22% in the financial year after rising 15% the previous year, Emirates said. Brent crude, the global benchmark, is trading close to $70 per barrel on Thursday, while US crude futures hit $61.50 per barrel.

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