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Emirates reports ‘significantly reduced’ loss of USD 1.1 billion

Emirates airline on Friday announced a ‘significantly reduced’ annual loss of USD 1.1 billion. The airline said that the loss was five times lower than a year before.

Losses in 2021-22 financial year upto March were 3.9 billion dirhams ($1.1 billion). Revenues by up by 91 per cent.

Emirates is the Middle East’s largest carrier. It said that it received a capital injection of USD 954 million from Dubai government who owns the carrier. 

“This year, we focussed on restoring our operations quickly and safely wherever pandemic-related restrictions eased across our markets,” said its chairman and chief executive, Sheikh Ahmed bin Saeed Al-Maktoum.

“Business recovery picked up pace, particularly in the second half of the year. Robust customer demand drove a huge improvement in our financial performance compared to our unprecedented losses of last year and we built up our strong cash balance.”

In statement released on Friday, Emirates said the whole group —  which includes ground-handling firm Dnata — recorded an annual loss of 3.8 billion dirhams ($1.0 billion), but with revenues up by 86 percent and “strong customer demand”.

Over the fiscal year, Emirates carried 19.6 million passengers, up from 6.6 million in the same period of the previous year.

“2021-22 was also a significant year as the UAE marked its 50th anniversary and hosted the world at Expo 2020 Dubai which generated increased global engagement and visitation to the UAE,” Sheikh Ahmed said.

(With inputs from agencies)

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