Emirates Announces Its First Non-Profitable Year With $5.5 bln Loss

  • Publish date: Sunday، 05 December 2021
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Dubai based Emirates airline reported a $5.5 billion loss on Tuesday for the year ending on March 31.

Emirates representative said this was their biggest annual loss, and only its third ever following losses in 1987-88 and 1985-86, its first year in operation after making a $288 million profit the previous year, as revenue plunged 66% to $8.4 billion.

Emirates has now received $3.1 billion in equity injections from Dubai, including $2 billion disclosed last year.

Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum said the recovery from the pandemic would be patchy, cautioning that no one could predict when the industry's worst crisis would end.

Emirates said it had filled just 44.3% of seats on flights in the past year, down from an average of 78.4% a year earlier. It carried 6.6 million passengers, its lowest in two decades.

The airline cut capacity by 82.6% compared with the previous year as it centred operations around its 146 Boeing (BA.N) 777s - 19 of which have been stripped of seats to carry more cargo as the pandemic drastically hit passenger demand.

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Emirates Group, the airline's holding company that includes other aviation and travel assets, saw revenue fall 65.8% to $9.7 billion and it made a loss of $6 billion, its first.

The group's overall workforce shrank by 30.8% to 75,145, with the airline slashing its staff by nearly 20,000 to 40,801, its annual report said.

This article was previously published on UAE Moments.To see the original article, click here

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