Dubai-based Emirates Group reported profits of AED2.5bn ($670m) in the fiscal year ending 31 March, down 70 per cent from the previous year’s reported profits.

Revenue grew 2 per cent to AED94.7bn, while cash balance decreased by 19 per cent to AED19.1bn.

The decline in cash position is due to the repayment of two bonds on maturity and ongoing high investments into its fleet and aircraft-related assets, the company said in a statement.

Figures published on the company’s website said that it had made significant investments in the business, worth AED13.7bn, during the period.

Despite the major fall in profits, it is the company’s 29^th consecutive year as a profitable business.

“The steady business growth is in line with capacity increases… shows business resilience in a competitive climate and turbulent year,” the company said.

The airline division accounted for more than half of the total group profits at AED1.3bn.

The company’s latest financial perfomance strongly contrasts with last year’s results, where profits grew 50 per cent.