Emirates’ Profit Plummets 75%

Emirates airline has reported a 75% drop in net profit in the first half of the 2016-17 financial year–attributed to economic uncertainty and subdued travel demand, Arabian Business reported. The airline’s net profit was AED786 million ($214 million), down 75% 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 down by 1% compared with AED42.3 billion in the first half of last year, Emirates said. Its operating costs grew by 5% against an overall capacity increase of 9%. On average, fuel costs were 10% lower compared to the same period last year, according to the half-year financial statement. However, fuel remained the largest component of the airline’s cost, accounting for 24% of operating costs compared with 28% in the first six months of last year, Emirates said.