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Emirates posts US$3.4 billion half-year loss as COVID-19 hits flights

Emirates posts US$3.4 billion half-year loss as COVID-19 hits flights

Emirates planes are seen at Dubai International Airport on Feb 15, 2019. (Photo: Reuters/Christopher Pike)

DUBAI: Emirates lost US$3.4 billion in the first six months of the year, tipping the Dubai state-owned airline's holding company into its first half-year loss in more than thirty years.

The carrier, which temporarily suspended operations this year at the height of the COVID-19 pandemic, said global flight and travel restrictions meant revenue dropped 75 per cent to US$3.2 billion as passenger traffic fell 95 per cent to 1.5 million.

READ: SIA Group reports first half net loss of S$3.5 billion as passenger numbers fall by 98.9% amid COVID-19

READ: Malaysia says aviation firms may need three years to recover from COVID-19

Emirates Group, which includes the airline, said its workforce had shrunk by 24 per cent to 81,334 staff members as of Sep 30.

The airline confirmed it had received US$2 billion in financial assistance from the government of Dubai as an equity investment.

Emirates had reported a 862 million dirham profit for the first half of the previous year.

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Source: Reuters/zl

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