The Middle East giant and the national carrier of the United Arab Emirates, Emirates Airline has on Tuesday published an annual loss of about $5.5billion.
The Dubai-based carrier revealed that it is the first time it will suffer a devastating loss in the last 30 years.
Despite receiving government support of about $3.1Billion to help the airline survive the disaster, the Emirates group was badly hit by the pandemic as passengers' number dropped drastically due to the massive closure of the international borders across the world during the pandemic. The carrier says.
"We started our current fiscal year in the midst of a global blockade when air passenger traffic was literally at a standstill. 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," Emirates Airline Chief Executive, Sheikh Ahmed Bin Saeed Al Maktoum, says in a statement.
The company had to suspend all operations for months, before it resumed to a number of destinations which helped it to restore revenues from zero to 26 per cent of what was recorded in the same period in the previous year. Al Maktoum stated.
Emirate's total revenue fell by about 75 per cent to $3.2 billion between April and September 2021, after it carried only 1.5 million passengers which also saw a decline of about 95 per cent of the yearly turn out.
The suspension of flights and the decline in the number of passengers forced the airline to sack about 10,000 of its employees. Emirates Chairman, Tim Clark explained.
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