Net profit slumped to 2 billion dirhams ($544.5 million) from 4.74 billion dirhams a year earlier, when it booked a gain of 2.1 billion dirhams from an asset sale.
The Dubai-based carrier laid off hundreds of pilots and cabin crew on Tuesday in a bid to stave off a cash crunch caused by the coronavirus pandemic, sources told Reuters.
The aviation industry has been among the worst hit by the outbreak, which has dented travel demand and forced major airlines to lay off staff and seek government bailouts.