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Ethiopian Airlines profit skyrockets as East African carriers fortunes dwindle

Ethiopian Airlines, the leading African flag carrier, on Wednesday reported a surge in profit for the last financial year, in sharp contrast to the ailing fortunes of other airlines in the region.

The state-owned airline saw a 79 percent jump in revenue to $5 billion for 12 months to July while profit skyrocketed 90 percent to $937 million, according to the country's sovereign wealth fund Ethiopian Investment Holdings (EIH).

The results were "despite the headwinds of worsening global economic outlook, rising fuel cost, global pandemic", EIH chief executive Mamo Mihretu said on Twitter.

He gave no further details, although state media said the airline had transported 6.9 million international travellers last year alone.




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