Saturday, 27 November, 2021

Emirates incurs loss of $1.6bn in 6 months

  • Staff Correspondent
  • 11 November, 2021 12:00 AM
  • Print news
Emirates incurs loss of $1.6bn in 6 months

Emirates has incurred a loss of USD 1.6 billion in 6 months till September 2021.

The carrier has disclosed it on Wednesday. Though, the group itself and its main concern Emirates airline incurred losses, said a press release.

In the first half of the 2021-22 financial year (April 1- September 30,2021), Emirates  airline incurred a loss of US$ 1.6 billion, compared to last year’s loss of US$ 3.4 billion.

Emirates revenue, including other operating income, of US$ 5.9 billion was up 86 percent compared with US$ 3.2 billion recorded during the same period last year.

By September 30, the airline was operating passenger and cargo services to 139 airports, utilising its entire Boeing 777 fleet and 37 A380s.

Emirates carried 6.1 million passengers between April 1 and September 30, 2021, up 319 percent from the same period last year.

The volume of cargo uplifted at 1.1 million tonnes has increased by 39 percent, which brings the business back to 90 percent of pre-pandemic (2019) levels by volume handled.

Emirates Group reported a net loss of US$ 1.6 billion, substantially improved from its US$ 3.8 billion loss for the same period last year.

Group revenue was US$ 6.7 billion for the first six months of 2021-22, up 81 percent from US$ 3.7 billion during the same period last year.

This strong revenue recovery was underpinned by the easing of travel restrictions worldwide and the corresponding increase in demand for air transport as countries progressed their Covid-19 vaccination programmes.

The Group continued to maintain a healthy cash position which stood at US$ 5.1 billion on 30 September 2021, compared to US$ 5.4 billion as on 31 March 2021.