Dubai-based Emirates Group posted a huge loss for the first time in 30 years due to the covid-19 crisis.
The airline reported a loss of $6 billion for the 12-month period ending at the end of March 21 while they made a profit of $456 million last year.
Group revenue was $9.7 billion, down 66% from last year. The Group’s cash balance was $5.4 billion, down 23% year-on-year due to weak demand.
For the first time in the history of the group, layoffs were implemented in the last year. The group’s total workforce decreased by 31% to 75,145 employees.
Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group, said:
“The COVID-19 pandemic continues to take a tremendous toll on human lives, communities, economies, and on the aviation and travel industry. In 2020-21, Emirates and dnata were hit hard by the drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions.”
