An escalation in the euro zone debt crisis, and particularly economic conditions in Greece, would have major consequences for revenues and profitability, Emirates Airline President Tim Clark told CNBC’s “Access: Middle East.”
“So far, so good, paradoxically, Greece is our most profitable route in Europe today. It has the highest seat factor, the highest yield and the highest profit,” Clark said.
The industry veteran admitted that a significant amount of the company’s business is in euros, and that a “halo effect” on Spain and Italy is equally worrying. And a return to drachmas in Greece was one of the scenarios the airline was preparing for.
“I need to be absolutely sure that we have a contingency for the airline if things go a little bit wonky in Europe.”