Emirates airline has reported a 75 percent drop in net profit in the first half of the 2016-17 financial year – attributed to economic uncertainty and subdued travel demand.
The airline’s net profit was AED786 million ($214 million), down 75 percent from the same period last year, when Emirates reported one of its best half-year performances.
Revenue including other operating income was AED41.9 billion ($11.4 billion) was down by 1 percent compared with AED42.3 billion ($11.5 billion) in the first half of last year, Emirates said.
Its operating costs grew by 5 percent against an overall capacity increase of 9 percent. On average, fuel costs were 10 percent lower compared to the same period last year, according to the half-year financial statement. More info
By Sarah Townsend www.arabianbusiness.com