Decrease in MEA net profits

Middle East Airlines (MEA) announced a $94 million net profit compared to $98.5 million in 2015. Net profit margin increased by one percent to 14 percent.

Revenues declined 11 percent and reached $672 million, in spite of a two percent increase in passengers through Rafic Hariri Beirut International Airport (RHBIA). The drop was offset by falling oil prices during the period.

A source at the company said that the decrease in revenues is linked to a 13 percent decline in average ticket prices, and to a drop in the number of business class travelers.

The company said that it operated 39 percent of total flights in RHBIA during 2016. Its market share of passengers stood at 35 percent, reaching 3.5 million seats.

Reported by Samer Rasbey