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Emirates reports massive drop in revenue in 2020

The Dubai-based airline's revenues fell billions and it is relying on reserves and support from the government to continue flying.
This picture taken on July 17, 2020 shows an Emirates Boeing 777-31H aircraft taxying upon arrival at the Iranian capital Tehran's Imam Khomeini International Airport. - The UAE's Emirates airlines landed its first flight in Tehran on July 17 after a five month shutdown due to the novel coronavirus pandemic. (Photo by - / AFP) (Photo by -/AFP via Getty Images)

Emirates experienced more than $3 billion in losses this year due to the COVID-19 pandemic, the airline said Thursday. The Dubai-based company is receiving assistance from the government as it continues to fly and expand its network.

Emirates Group’s revenue for the first six months of fiscal year 2020-2021 went down a whopping 75% to $3.7 billion from $14.5 billion at the same time last year, the company announced in a press release Thursday. This period refers to April through the end of September. Emirates is a subsidiary of Emirates Group, which is in turn owned by the government of Dubai in the United Arab Emirates.

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