Emirates Airlines witnessed its first drop in annual profits for the past five years as it dropped to $340m in the year to March 31, down from $1.9bn in the previous 12 months. The Dubai-based company still recorded an overall profit this year of $670 million but it blamed “fierce competition, currency devaluations and US travel restrictions” on the drop in profits.

Back in March, the US authorities banned electronic devices from cabin baggage on flights from more than 10 Middle Eastern and North African countries.