Emirates posts $3.4 billion half-year loss as COVID-19 hits industry
The Emirates Group today announced its half-year results for its 2020-21 financial year. In the first six months of the year, the airline group lost US$ 3.4 billion (AED 12.6 billion) after a half-year profit of US$ 235 million for the same period last year. This marks the first half-year loss in more than thirty years for Emirates.
In a press release (read below), the airline group wrote that these terrible results are significantly impacted by unprecedented flight and travel restrictions worldwide due to the COVID-19 pandemic.
The airline group’s revenue – mainly supported by cargo business – dropped 75% to $3.2 billion. Emirates carried 1.5 million passengers between 1 April and 30 September 2020, down 95% from the same period last year.
Compared to 31 March 2020, Emirates Group substantially reduced its workforce by 24% to an overall count of 81,334 as at 30 September 2020.
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