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.
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.
Emirates Group had not recorded a half-year loss in 30 years. The figures are a result of the crisis in global travel resulting from the coronavirus, its chairman and chief executive said.
“We began our current financial year amid a global lockdown when air passenger traffic was at a literal standstill,” said Sheikh Ahmed bin Saeed Al Maktoum in the statement. "In this unprecedented situation for the aviation and travel industry, the Emirates Group recorded a half-year loss for the first time in over 30 years.”
