[News] At a value of $ 3.8 billion, Emirates Airlines records losses in the first half of 2020

[HiTLeR]

 

The Emirates Airlines Group revealed today, Thursday, that it recorded losses of $ 3.8 billion in the first half of the current fiscal year (2020-2021), compared to profits of $ 320 million for the same period of the previous year.

 

In a statement, the group stated that total revenues fell by 74 percent to record 3.7 billion US dollars, explaining that the results were directly affected by the unprecedented restrictions on flights and travel around the world due to the emerging corona virus pandemic.

 

The statement quoted Emirates Airlines Group Chairman Sheikh Ahmed bin Saeed Al Maktoum as saying that the current financial year began amid a global shutdown due to the pandemic, as air passenger traffic was interrupted in an unprecedented way in the aviation and travel sector, which resulted in the group's first loss since 30 years

He mentioned that with the disappearance of passenger traffic, the group was able to quickly transform to serve the demand for goods and other opportunities, "This helped us to restore our revenues from zero to 26 percent compared to our situation at the same time last year," which contributed to reducing some losses.

 

Sheikh Ahmed bin Saeed stressed that Emirates Airlines is facing "strong headwinds", but thanks to the flexibility of its management and its accumulated experience, it can cross this challenge and look to the future.

 

He explained that the group was able to benefit from its own cash reserves, indicating that "through our shareholders and the financial community we continue to ensure that we have sufficient financing to maintain the business during this difficult period."

 

Sheikh Ahmed bin Saeed pointed out that the group's shareholders were recently able to inject funds worth $ 2 billion by investing in capital, "and they will support us in the path of recovery."

 

The Emirates Airline Group’s employee base shrank significantly until the end of last September 30, by up to 24 per cent, bringing the total to nearly 81,000 employees, while the company confirmed in its statement that it “continues to consider every way to protect the skilled workforce, including participation in saving programs. Jobs wherever you find ”

 

It is noteworthy that the Emirates Airlines Group was founded in 1985 and is wholly owned by the government of Dubai, and is considered one of the largest airlines in the world, with more than 260 aircraft of various models and covering more than 120 destinations around the world.