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Emirates posts first annual loss in more than 30 years
The Emirates Group announced its first annual loss in over 30 years as revenue declined by 62%.
The group posted a $6 billion loss with the airline business contributing $5.5 billion for the financial year ended 31 March 2021.
For the first time in the group’s history, redundancies were implemented across all parts of the business.
That led to a total workforce reduction of 31% to 75,145 employees.
Its financial obligations were restructured, with contracts renegotiated, and certain operations consolidated.
It says cost reduction initiatives returned an estimated saving of AED 7.7 billion during the year.
In 2020-21, it has invested AED 4.7 billion (US$ 1.3 billion) in new aircraft and facilities, acquisitions, and new technologies to position the business for recovery and future growth.
"No one knows when the pandemic will be over, but we know recovery will be patchy. Economies and companies that entered pandemic times in a strong position, will be better placed to bounce back. Until 2020-21, Emirates and dnata have had a track record of growth and profitability, based on solid business models," said Sheikh Ahmed bin Saeed Al Maktoum, Emirates Chairman and Chief Executive.
Emirates’ passenger and cargo capacity declined by 58% during the last financial year, due to pandemic-related flight and travel restrictions.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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