How Emirates’ profit dropped from close to $2 billion to $340 million in a year
$340 million
Emirates’ profit went from $1.9 billion in the fiscal year ending in 2016 to $340 million in the fiscal year ending in 2017.
Published | Photo by Reuters/Ina Fassbender
Emirates’ profit
This is the first drop in five years and a blow for Emirates, the biggest carrier in the Persian Gulf and one of the biggest in the world by number of passengers.
The company pointed to recent political events that caused a drop in bookings: Trump’s Muslim ban, Brexit, and terrorist attacks in Europe.
Dubai-based Emirates also pointed to more regional causes for the decline.
Reuters/Ahmed Jadallah
A fall in commodity prices and a slowdown in the oil-and-gas sector are forcing Middle Eastern travelers to save money and purchase fewer business class tickets.
Also, in recent years, Emirates and other Middle Eastern airlines grew their fleets, offering more seats and forcing ticket prices down.
