Emirates profit falls on low oil prices

DUBAI: Emirates Group posted its first decline in annual profit for five years as the low oil price weighed on Persian Gulf economies and terrorist attacks discouraged people from travelling. Net income for the 12 months ending March 31 tumbled 70 per cent to 2.5 billion dirhams (RM2.95 billion) as revenue grew two per cent to 94.7 billion dirhams, said Emirates yesterday. Adding to the carrier’s woes are a stronger dollar and a ban on in-cabin laptops on American flights that’s prompted it to rein in United States capacity.