Emirates has blamed the strong US dollar for a 75% drop in its profits in the first half of the financial year.
Chairman and chief executive Sheikh Ahmed bin Saeed said increased competition, as well as sustained economic and political uncertainty in many parts of the world, had forced down fares and dampened demand.
Net profit for the six months to September 30 fell to $214 million year-on-year and revenue fell 1% to $11.4 billion.
The group’s tour operating division Dnata saw profits fall 1% to $150 million.
Sheikh Saeed said: "The bleak global economic outlook appears to be the new norm, with no immediate resolution in sight. Against this backdrop, the group has remained profitable and our solid business foundations continue to stand us in good stead. In the first six months of this year, both Emirates and dnata continued to grow in capability and capacity."
Emirates’ operating costs grew 5% while capacity was up 9%. Fuel costs were 10% lower compared with last year.
