Budget carrier flydubai net profit plunged to AED31.6mn (USD8.6mn) in FY16, down from AED100.7mn in FY15. But revenues increased 2.4% Y-o-Y to AED5bn as Dubai strengthened its role as an international hub. Flydubai carried a record number of passengers last year, up 14.4% Y-o-Y to 10.4 million people, as it launched flights to Bangkok and increased flight frequency on existing routes. Its fleet grew to 57 aircraft from 50. But CEO Ghaith al-Ghaith said the pricing and operating environment was difficult. Slower economic growth in the Gulf due to low oil prices and a strong USD, to which the AED is pegged, pressured yields. Gaith added that the carrier will remain prudent throughout 2017 as yields will remain under pressure and he expects to report flat growth in the year ahead. (Reuters)