The Emirates group, the largest airline in the Middle East, has reported a fall in profits of 72% for the 2008/09 fiscal year.

The group, like many others around the world, has been hit hard by the global slowdown and high fuel prices.

Its profit of 1.49bn dirhams ($406m) for the year to March 31 compared with a 5.3bn dirham profit for the previous year.

Also on Friday, British Airways reported a record loss of £401m.

Categories: US Markets, World Economy
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