Corporate corner: Emirates announces half-year results

DUBAI: The Emirates Group announced its half-year results for 2016-17. The group held steady on revenue, but profit was hit by the double impact of a strong US dollar and challenging operating environment for the airline and travel business. The Emirates Group revenue was AED 46.5 billion ($12.7 billion) for the first six months of its 2016-17 financial year, up 1% from AED 46.0 billion ($12.5 billion) during the same period last year. Following one of its best ever half-year profit performances last year, the group for 2016-17 reported a half-year net profit of AED 1.3 billion ($364 million), down 64%. The group’s cash position on September 30 2016 was at AED 14.9 billion ($4.1 billion), compared to AED 23.5 billion ($6.4 billion) as at March 31 2016.

Published in The Express Tribune, November 16^th, 2016.

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