Emirates Group had documented a semi-annual loss for the first time in 30 years

Created on 23.11.2020 15:24

The Emirates Group, owner of Emirates Airlines, had documented a loss for the first time in more than 30 years in the first half of the 2020-2021 fiscal year amid the coronavirus crisis. According to the group's press release, the net loss for the six months was $ 3.8 billion, compared with a profit of $ 320 million for the same period previous year, Interfax writes.

“We have started the current fiscal year in global lockdown conditions and passenger traffic has been suspended. No one can predict the future, but we expect a sharp recovery in travel demand once the COVID-19 vaccine becomes available, and we are actively preparing for that moment,” said Ahmed bin Said Al Maktoum, the Chairman and the CEO of Emirates Group.

The airline's revenue fell by 75% up to $ 3.2 billion due to significant restrictions on flights and travel worldwide, associated with the COVID-19 pandemic. Over six months, the airline has carried 1.5 million passengers - 95% less than the year before. At the same time, the cargo traffic during this period has increased by 65%. Falling demand for travel has forced the Emirates Group to reduce tens of thousands workplaces. Between April and September, the group's staff had been reduced by 24% up to 81,000 employees.

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