Emirates profit rises despite Mideast tensions, oil price
Nov. 09, 2017
LONDON (AP) — Airline group Emirates says its half-year profit and revenue rose as business steadily grew despite geopolitical tensions in the Middle East.
The Dubai-based company said its net profit rose 77 percent to 2.3 billion dirhams ($631 million) in the six months through September. Revenue rose 6 percent to 49.4 billion dirhams ($13.5 billion).
The company credited a cost efficiency drive, in which it shed 3,000 jobs over a year, as well as an easing in the value of the dollar, which helped boost its profitability. Higher oil prices and stiff global competition for long-haul flights remain a challenge, however.
Gulf airlines have overall faced financial headwinds in recent years. Etihad recently pulled financing for its investments in Air Berlin and Alitalia, leaving both to need rescues.