Emirates Group's first-half profit dropped by more than half, reporting 3.6 billion dirhams ($1 billion) for the six months ending Sept. 30. That is 66% below the 10.6 billion dirhams reported a year earlier. Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum cited "unprecedented regional challenges and high fuel prices" in a statement Thursday.
The Iran war forced the airline to cancel thousands of flights, rework its international network and, in some cases, fly near-empty planes to its hub in Dubai as travelers avoided the region. Dubai International Airport also suspended operations for a time. Emirates has restored 91% of its pre-war network, the carrier said Thursday.
However, fears of renewed US-Israel attacks on Iran and an expansion of conflicts in the region hover over forecasts for Gulf carriers. In June, the International Air Transport Association almost halved its projections for total industry profit.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing