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Emirates’ first-half results, which saw profits tumble 64%, failed to specify how successful its cargo arm had been. But with the half-year characterised by a low rate environment, triggered by overcapacity and weak demand, it is perhaps no surprise that the airline chose not to be more public.

It did, however, acknowledge that freight volumes were stable, at 1.3 million tonnes – “a solid performance in a challenging air freight market”.

While many airlines reported slightly higher loads but lower yields in H1, flat volumes at Emirates was not too bad an outcome in the midst of what surely must be an onslaught into its business by rivals such as Qatar, which have all too successfully emulated Emirates’ capacity-hungry model.

Dnata, meanwhile, handled 1.2 million tonnes of cargo, up 28%, reflecting new businesses it bought and additional traffic at DXB.

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