Emirates airline posts 82.5 pct loss in 2016-17

Emirates airline said Thursday its 2016-17 profit dropped by 82.5 percent to $340 million, citing fierce competition, currency devaluations and US travel restrictions as major challenges.

“Against significant currency devaluations against the US dollar and fare adjustments due to a highly competitive business environment, Emirates managed to keep its revenue stable” at 85.1 billion dirham ($23.2 billion), the largest Middle East carrier said.

Emirates managed to weather the “destabilising events which have impacted travel demand during the year,” said its chief Sheikh Ahmed bin Saeed al-Maktoum.

Those ranged from “the Brexit vote to Europe┬┤s immigration challenges and terror attacks… the new policies impacting air travel into the US to currency devaluation,” he said.

They also included “funds repatriation issues in parts of Africa and the continued knock-on effect of a sluggish oil and gas industry on business confidence and travel demand,” he added.