The Emirates Group saw profits slide by 64% in the first half of the year, while cargo volumes remained stable and capacity increased 9%.

Group revenues for the first six months of the financial year, including figures from Emirates and dnata, rose by 1% on the same period last year to $12.7bn while profits fell 64% year on year to $364 million.

Cargo volume at the airline stayed “stable” at 1.3 million tonnes while capacity in freight tonne km terms rose by 9% to 30.2 billion available tonne km.

At dnata, cargo went up by 28% year on year to 1.2 million tonnes on the back of new business and increased traffic at Dubai International (DXB).

Emirates Airline and group chairman and chief executive Sheikh Ahmed bin Saeed Al Maktoum commented: “Our performance for the first half of the 2016-17 financial year continues to be impacted by the strong US dollar against other major currencies.

“Increased competition, as well as the sustained economic and political uncertainty in many parts of the world has added downward pressure on prices as well as dampened travel demand.

“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.

“Our past investments in product and services are now paying off, enabling us to retain valued clients and attract new customers – reflected in the airline’s passenger growth of 2.3m.

“We continue to make strategic investments, because we know we have to work even harder for every customer, and make every dollar spent go even further through innovation and driving efficiency across our business.”

The airline received 16 wide-body aircraft during the period – 8 Airbus A380s, and 8 Boeing 777s, with 20 more new aircraft set to be delivered before the end of the financial year.