The Strategist

Emirates Airlines reports $ 3.4B in losses in the first half of 2020

11/13/2020 - 03:05

During the same time, passenger traffic decreased by 95 percent, to 1.5 million people. This was stated in a report circulated by the Dubai-based airline on Thursday.

Over the same period last year, the airline generated revenue of $235 million. The airline's previous losses were recorded for the fiscal year 1987-1988.

The Chairman and CEO of Emirates Airlines and the Emirates Group of Companies described the dramatic reduction in air travel caused by the coronavirus pandemic as "an unprecedented event" in the aviation and travel industry. 

"We started the current fiscal year with the introduction of global quarantine, when passenger traffic almost stopped," he said. Under these conditions, the airline was able to restructure itself and take advantage of various opportunities," in particular, to meet the demand for cargo transportation. 

In addition, the Government of Dubai has provided $2 billion in financial assistance to the airline.

According to Emirates Airlines, 24% of its employees were laid off between 31 March and 30 September 2020, and the company now employs over 81,000 people.

An outbreak of the new coronavirus disease was recorded at the end of 2019 in Central China and has spread to most countries. On 11 March, it was declared a pandemic by the World Health Organisation. Since the beginning of the pandemic, about 52.1 million people have been infected with COVID-19 worldwide, and more than 1.28 million have died.