Emirates Airline reported a huge 86% drop in profits on Thursday
The airline’s net profit plunged an 86 per cent plunge in its net profit for the first half of 2018. Dubai based carrier, posted 226 million dirhams ($62 million) net profit for the 6 months ended Sept. 30, compared to 1.7 billion in previous year.
Though the revenue up 10% year-on-year to reach to AED 48.9 billion (US$ 13.3 billion), higher fuel costs and unfavourable currency exchange rates eroded earnings.
During the first half of the year, Emirates Group axed 1,380 employees, and stored some of the planes in the empty Al Maktoum airport, amid relatively lower demand and pilot shortage.
“The next six months will be tough, but the Emirates Group’s foundations remain strong..” said Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Group.