Emirates’ profits fell 70 percent to $670 million, but revenue increased slightly to around $26 billion.
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Emirates Group, the biggest long-haul airline, posted its first decline in annual profit for five years as the low oil price weighed on Arab Gulf economies and terrorist attacks discouraged people from traveling. Net income for the 12 months ended March 31 tumbled 70 percent to 2.5 billion dirhams ($680 million) as revenue edged 2 percent higher to 94.7 billion dirhams, Dubai-based Emirates said Thursday. The strong dollar reduced airline revenue by 2.1 billion dirhams in the 12 months and weakened the bottom line.Earnings at the group's airline operations plunged 82 percent to 1.3 billion dirhams, with sales little changed at 85 billion dirhams.
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