Emirates profit rises despite Mideast tensions, oil price

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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.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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