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Fri, Nov 11, 2016

Emirates Profits Slump On Falling Airfares

Down 64 Percent Due To Competition, Reduced Demand

Profits at Emirates Group have dropped 64 percent over the past year due to lower travel demand and strong competition, the airline has reported.

Buying Business Travel reports that the airline's half-year profits have slumped to $364 million, even though revenue has climbed one percent to $12.7 billion.

Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates Airline and Group, said the airline's performance for the first half of the 2016-17 financial year continues to be impacted by the strong US dollar against other major currencies.

“Increased competition, as well as the sustained economic and political uncertainty in many parts of the world has added downward pressure on prices as well as dampened travel demand,” he said.

But the executive said that the carrier is continuing to make strategic investments and launching new destinations, including a route from Dubai to Ft. Lauderdale, FL starting next month.

(Image from file)

FMI: www.emirates.com/us‎

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