UAE - Mubasher: Emirates Group reported net losses of AED 14.1 billion ($3.8 billion) in the first half of the fiscal year 2020-21, versus net profits of AED 1.2 billion ($320 million) in 2019.
The net losses are attributed to the negative economic impact of the coronavirus (COVID-19) pandemic, which caused unprecedented flight and travel restrictions worldwide, according to a press release on Thursday.
The group's revenues slid by 74% to AED 13.7 billion ($3.7 billion) for the first six months of 2020-21 from AED 53.3 billion ($14.5 billion) during the same period last year.
The group’s cash position on 30 September 2020 settled at AED 20.7 billion ($5.6 billion), compared to AED 25.6 billion ($7 billion) as of 31 March 2020.
The group's number of employees cut by 24% to an overall count of 81,334 as of 30 September 2020, when compared to 31 March 2020.
Meanwhile, Emirates carried 1.5 million passengers between 1 April and 30 September 2020, down 95% from the same period last year.
The Chairman and CEO of Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, said: "We began our current financial year amid a global lockdown when air passenger traffic was at a literal standstill. In this unprecedented situation for the aviation and travel industry, the Emirates Group recorded a half-year loss for the first time in over 30 years."
