Emirates posts $5.5b loss as pandemic takes ‘tremendous toll’

Emirates posted an annual loss of $5.5b in its last financial year as the “tremendous toll” of the coronavirus pandemic forced the airline to slash its workforce and turn to its Dubai government shareholder for support. The carrier, which had made a $288m profit in the previous financial year, said annual revenue fell 66% to $8.4b to the end of March as capacity declined by 58%. The group was hit hard by travel restrictions, which included the United Arab Emirates’ suspension of passenger services for almost two months from March 2020. The airline carried 6.6m passengers in 2020-21, down 88% compared with the previous financial year. Emirates gradually restored its passenger network from the middle of June last year to more than 120 destinations by the end of March. Sheikh Ahmed bin Saeed Al Maktoum, Emirates’ chair and chief executive, said the carrier hoped to restore full operating capacity “as quickly as possible”. He said the “fundamental ingredients” of Emirates’ success remain unchanged and the airline would work with the government to deliver a return of activity to an economy focused on trade and tourism. “No one knows when the pandemic will be over but we know recovery will be patchy,” he said. “Economies and companies that entered pandemic times in a strong position will be better placed to bounce back.”<br/>