COVID-19: Emirates Airline losts $5.5 billion (N2.3 trillion) annual loss, its first in 30 years.
Dubai-based Emirates Airline on Tuesday posted a $5.5 billion (or about N2.3 trillion) annual loss, its first ever loss in more than three decades.
It arose from the devastation wrought on the aviation industry by the COVID-19 pandemic.
“Due to ongoing pandemic-related flight and travel restrictions, the airline reported a loss of 20.3 billion dirhams ($5.5 billion) after last year’s 1.1 billion dirhams ($288 million) profit,” the Middle East’s largest carrier said in a statement.
The airline, which was forced to temporarily suspend operations last year, saw revenue fall 66 percent to $8.4 billion.
Over the fiscal year, which ends in March, Emirates carried 6.6 million passengers, down 88 percent from the same period in the previous year.
“The Covid-19 pandemic continues to take a tremendous toll on human lives, communities, economies, and on the aviation and travel industry,” the airline’s chairman and chief executive, Sheikh Ahmed bin Saeed Al Maktoum, said in a statement.
He added that the Emirates group was “hit hard by the drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions”.