DUBAI, United Arab Emirates – Discount airline FlyDubai says its profit tumbled by 69 percent last year despite a rise in sales fueled by its growing operations.
The Dubai-based airline said on Wednesday that it earned 31.6 million dirhams ($8.6 million) last year, compared with 100.7 million dirhams in 2015. Revenue increased just over 2 percent, to $5 billion.
FlyDubai is still recovering from its worst accident in March 2016, when a 737-800 crashed in the Russian city of Rostov-on-Don, killing all 62 people on board.
The carrier says passenger numbers rose more than 14 percent, to 10.4 million last year as it expanded its fleet to 57 planes.
But CEO Ghaith al-Ghaith says the airline continues to face a "difficult pricing and operating environment."