Emirates Group's first half 2016-2017 profit down

The Emirates Group posted its half-year results for 2016-17. Emirates Group revenue was AED 46.5bn (US$12.7bn) for the first six months of its 2016-17 financial year, up 1% from AED 46.0bn (US$12.5bn) 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 1.3bn (US$364m), down 64%, reflecting the double impact of a strong US dollar and challenging operating environment. The Group’s cash position on 30th September 2016 was at AED 14.9bn (US$4.1bn), compared to AED 23.5bn (US$6.4bn) as at 31st March 2016. This is due to ongoing investments mainly into new aircraft, airline related infrastructure projects, business acquisitions, and the repayments of bonds totalling AED 4.1bn (US$1.1bn), loans and lease liabilities.