The airline recorded a net profit of AED786 million (US$214 million) for the first half of its 2016-17 financial year, down 75% from AED3.1 billion in the in the same period last year.
Tough competition and a bleak global economic outlook were factors in a drop in first half profit for Dubai-based Emirates.
The airline recorded a net profit of AED786 million (US$214 million) for the first half of its 2016-17 financial year, down 75% from AED3.1 billion in the in the same period last year.
Revenue for the period was down 1% to AED41.9 billion.
The airline said the figures reflected increased market competition that resulted in lower fares, together with unfavorable currency movements.
It also cited security fears that had dissuaded some people from traveling.
Capacity for the half-year at 12%, outstripped passenger traffic that rose 8%. The airline carried 28 million passengers, up 9% on the same period last year. Load factor dropped 3% to 75.3%.
Group chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum warned, “The bleak global economic outlook appears to be the new norm with no immediate resolution in sight.”