REPORT | Emirates airline profits plunge 82.5% in past year

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Emirates airline has blamed fierce competition, currency devaluations and US travel restrictions as it reported an 82.5 percent plunge in annual profits for the last fiscal year.

The Dubai-based company said net profit at its airline business dropped to $340m in the year to March 31, down from $1.9bn in the previous 12 months – its first decline in annual profit for five years.

The fall was the result of the US dollar’s “relentless rise” against currencies in its key markets and pressure on ticket prices due to stiff competition, the airline said in a statement. Despite the challenges, the airline carried a record 56.1 million passengers in 2016-17, up eight percent from the previous year.

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