Emirates Group Posts $5.5 Billion Loss for the First Time in 30 Years

emirates group loss posts pandemic
UAE
  • Date: 06/15/2021
  • Source: Al Bawaba
  • Sector: Tourism
  • Country: UAE

Emirates Group Posts $5.5 Billion Loss for the First Time in 30 Years

Emirates reported a full-year loss of $5.5 billion, the first time it has fallen into the red in more than 30 years. The results highlight the devastating impact of the pandemic on the carrier that has helped Dubai become one of the world's most important international aviation hubs. Overall employee numbers for the wider Emirates Group, which includes dnata, fell by more than 33,000 over the year as its headcount fell 31 percent to about 75,000. It carried 6.6 million passengers over the year, down 88 percent on a year earlier. “No one knows when the pandemic will be over, but we know recovery will be patchy,” said Sheikh Ahmed bin Saeed Al-Maktoum, the chairman and CEO of Emirates Airline and Group. “Economies and companies that entered pandemic times in a strong position, will be better placed to bounce back.” While the pandemic has had a brutal impact on airlines worldwide, the crisis has impacted carriers and airports differently, depending on their route and passenger profiles. Because Emirates relies heavily on international travel without a domestic network, it has not benefited from the bounce back in domestic airline travel in other parts of the world, such as the US and…