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Thursday November 23rd, 2017 4:56PM

Emirates profit rises despite Mideast tensions, oil price

By The Associated Press

LONDON (AP) — Airline group Emirates says its half-year profit and revenue rose as business steadily grew despite geopolitical tensions in the Middle East.

The Dubai-based company said its net profit rose 77 percent to 2.3 billion dirhams ($631 million) in the six months through September. Revenue rose 6 percent to 49.4 billion dirhams ($13.5 billion).

The company credited a cost efficiency drive, in which it shed 3,000 jobs over a year, as well as an easing in the value of the dollar, which helped boost its profitability. Higher oil prices and stiff global competition for long-haul flights remain a challenge, however.

Gulf airlines have overall faced financial headwinds in recent years. Etihad recently pulled financing for its investments in Air Berlin and Alitalia, leaving both to need rescues.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Industries, AP Business - Utilities
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