Emirates profit drops 70% on economic woes
Low oil price weighs on Persian Gulf economies and fear of terrorist attacks discourages people from travelling
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Dubai
EMIRATES Group, the biggest long-haul airline, posted its first decline in annual profit for five years as the low oil price weighed on Persian Gulf economies and terrorist attacks discouraged people from travelling.
Net income for the 12 months ended March 31 tumbled 70 per cent to 2.5 billion dirhams (S$959 million) as revenue edged 2 per cent higher to 94.7 billion dirhams, Dubai-based Emirates said on Thursday. The company suspended dividend payments to its government shareholder.
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