Emirates Profit Down 70%

Emirates Group, the biggest long-haul airline, posted its first decline in annual profit for five years as the low oil price weighed on Persian Gulf Arab economies and terrorist attacks discouraged people from traveling, Bloomberg reported. The Dubai-based company will halt dividend payments to its government shareholder for the first time in at least a decade while stepping up savings efforts after net income tumbled 70% to 2.5 billion dirhams ($680 million) in the 12 months ended March 31. The earnings slump comes as Emirates grapples with some of the toughest operating conditions in a 30-year history that’s seen it become an industry heavyweight by exploiting the position of the Persian Gulf Arab states at a natural crossroads for inter-continental flights. Adding to the carrier’s woes are a stronger dollar, concerns about the Brexit vote and Europe’s immigration crisis, and President Donald Trump’s laptops ban on US-bound trips from airports including Dubai.