News
Emirates Airline posts US$5.5 billion annual loss
June 16th 2021
Emirates Airline has reported a net loss of 20.3 billion dirham (US$5.5 billion) for the 12 months to March 31 2021, slumping into the red from a net profit of 1.1 billion dirham in the corresponding period a year ago. Read More » Revenue fell 66.4%, to 30.9 billion dirham, Emirates said in its annual report. Emirates Group chairman and CEO, Sheikh Ahmed bin Saeed Al Maktoum, revealed the airline group had received an 11.3 billion dirham capital injection from the Dubai government and that logistics provider, dnata, "tapped various industry support programmes and availed total relief of nearly" 800 million dirham. "These [funds] helped us sustain operations and retain the vast majority of our talent pool. Unfortunately, we still had to make the difficult decision to resize our workforce in line with reduced operational requirements," Al Maktoum said. “No one knows when the pandemic will be over, but we know recovery will be patchy. Economies and companies that entered pandemic times in strong positions will be better placed to bounce back." The Emirates Group’s workforce was cut by 31%, to 75,145 employees, during the year. It was the first time the company had implemented redundancies across all parts of its business, it said.
