Emirates Group logs losses in H1-20/21

  • Date: 12-Nov-2020
  • Source: Mubasher
  • Sector:Transport
  • Country:UAE
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Emirates Group logs losses in H1-20/21

UAE - Mubasher: Emirates Group reported net losses of AED 14.1 billion ($3.8 billion) in the first half of the fiscal year 2020-21, versus net profits of AED 1.2 billion ($320 million) in 2019.

The net losses are attributed to the negative economic impact of the coronavirus (COVID-19) pandemic, which caused unprecedented flight and travel restrictions worldwide, according to a press release on Thursday.

The group's revenues slid by 74% to AED 13.7 billion ($3.7 billion) for the first six months of 2020-21 from AED 53.3 billion ($14.5 billion) during the same period last year. 

The group's cash position on 30 September 2020 settled at AED 20.7 billion ($5.6 billion), compared to AED 25.6 billion ($7 billion) as of 31 March 2020.

The