DUBAI, May 9 (Xinhua) -- Emirates Airline, the national carrier of the United Arab Emirates (UAE), said Wednesday it has generated in the fiscal year 2017/2018 a net profit of 2.8 billion dirham (762 million U.S. dollars), representing a year-on-year increase of 124 percent.

Emirates has transported from April 1, 2017 to March 31, 2018 a total of 58.5 million passengers, up 4 percent year on year, said the company's Chairman Ahmed Bin Saeed Al-Maktoum.

However, business environment remains tough because of the ongoing political instability, currency volatility and devaluation in the region, rising oil prices, and downward pressure on margins from relentless competition, said the leader of the airline giant.

Emirates remains the world's largest operator of the Boeing 777 and A380, both aircraft the most modern and efficient wide-bodied jets in the sky so far.

During the year, Emirates launched two new passenger destinations -- Phnom Penh in Cambodia and Zagreb in Croatia. It also expanded its flight capacity to 15 existing destinations, offering customers more choices of flight timings and onward connections.

Since 2017, the Emirates Group has invested 9 billion dirham in new aircraft purchase, the acquisition of companies, modern facilities, the latest technologies, and staff initiative.