Emirates airline: profits down 70% in past year

Emirates Group, which operates the Middle East’s largest airline, says profits have dropped by 70 percent to $670 million, though revenue increased slightly to around $26 billion.

In its report released Thursday, the airline said profits were affected by a turbulent year, including heightened immigration concerns, terror attacks in several European cities, an attempted military coup in Turkey and uncertainty caused by Britain’s vote to leave the European Union.

Emirates this year has slashed its flights to the United States by 20 percent because of a drop in demand caused by tougher U.S. security measures and Trump administration attempts to ban travelers from some Muslim-majority nations.

The Dubai-based operator’s earnings report for the latest fiscal year runs from the start of April 2016 until the end of March 2017.

Source: The Associated Press