Emirates has posted half year results which show a return to profit growth after a challenging year in 2016-17 that prompted widespread changes in the way the airline organizes itself. In 2016-17 Group profits fell by 64 percent and airline profits by 75 percent.

Half year results announced by the airline for 2017-18 show Group and Airline profits rising by 75 percent and 111 percent respectively. However, closer inspection of profits suggest the widely celebrated doubling of airline profits this year comes as yields are squeezed as never before over the past few years.

Net profit margins calculated by Aviation Business below show how net profit margins especially at the airline have eroded since 2012, a year after the airline posted a 76 percent drop in profits in 2011:

Emirates 2017-18 half year net profit margin: Group: 4.67 cents per dollar Airline: 3.74c

Emirates 2016-17 half year net profit margin Group Margin: 2.87c Airline Margin: 6.89c

Emirates 2015-16 half year net profit margin Group Margin: 7.93c Airline Margin: 7.38c

Emirates 2014-15 half year net profit margin Group: 4.71c Airline: 4.28

Emirates 2013-14 half year net profit margin Group: 5.22c Airline: 4.39c

Emirates 2012-13 half year net profit margin (last time Emirates doubled half yearly net profit and the first time Group crossed $10 billion in revenue in six months) Group: 5.53c Airline: 4.78c

A “robust summer season” allowed Emirates to double airline profits this year after flight bans and other external challenges dropped load factors on high yielding US routes by 15 percent, according to Emirates president Tim Clark.