Brexit hits Emirates’ profits
Emirates Group saw a 70% fall in its annual net profit to $681 million, which the airline blamed on a number of factors, including Brexit.
Revenues for the year to the end of March were up 2%.
In a statement, chairman and CEO Shaikh Ahmad Bin Saeed Al Maktoum said 2016-2017 was one of the company’s ‘most challenging years to date’.
"We remain optimistic for the future of our industry, although we expect the year ahead to remain challenging, with hyper competition squeezing airline yields, and volatility in many markets impacting travel flows and demand," he said.
Shaikh Ahmad said travel had been impacted by terror attacks in Europe, the US ban on electronics in cabin baggage and Europe immigration polices, as well as the UK’s vote to leave the European Union.
Emirates has also been hit by falling oil prices, which has led to a drop in demand for travel within the Middle East, and also the strengthening of the dollar, to which the dirham is pegged.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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