Emirates Airline profits fell 75 per cent in the first financial half of 2016 to 786 million dirhams ($214 million), with the chairman warning that the bleak global outlook could be the new norm.

Airline revenue was down one per cent to 41.9 billion dirhams, due to the strength of the US dollar, while it was also hit by currency devaluations and shortages in some African countries. Cargo volumes remained steady at 1.3 million tonnes

Group revenue was up one per cent to 46.5 billion dirhams though profits were down 64 per cent to 1.3 billion dirhams.

Emirates Airline and Group chairman and chief executive, His Highness Sheikh Ahmed bin Saeed Al Maktoum says: “The bleak global economic outlook appears to be the new norm, with no immediate resolution in sight.”

“Against this backdrop, the Group has remained profitable and our solid business foundations continue to stand us in good stead. In the first six months of this year, both Emirates and dnata continued to grow in capability and capacity.”

Dnata’s results were more positive, revenue was up 14 per cent to six billion dirhams and profit only dipped one per cent to 549 million dirhams. Cargo handled rose 28 per cent to 1.2 million tonnes due to new business acquired and rising volumes at Dubai International Airport.