KARACHI: The Emirates Group revenue has plunged by 74 percent from US$ 14.5 billion to US$ 3.7 billion during the first six months of 2020-21.
According to Emirates, this revenue decline was due to the Covid-19 pandemic which brought global air passenger travel to a halt for many weeks as countries closed their borders and imposed travel restrictions. As part of pandemic containment measures, Emirates and dnata’s hub in Dubai also suspended scheduled passenger flights for 8 weeks during April and May.
The group is reporting a 2020-21 half-year net loss of AED 14.1 billion (US$ 3.8 billion). The group’s cash position on September, 30 2020 stood at AED 20.7 billion (US$ 5.6 billion), compared to AED 25.6 billion (US$ 7.0 billion) as at March 31, 2020.
The Emirates group’s employee base, compared to 31 March 2020, is substantially reduced by 24 percent to an overall count of 81,334 as at 30 September 2020.
This is in line with the company’s expected capacity and business activities in the foreseeable future and general industry outlook.
Copyright Business Recorder, 2020
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