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Emirates Group posts a loss of USD 6 billion due to COVID-19, first loss in 30 years

Dubai: Emirates Group on Tuesday posted a loss of AED 22.1 billion (USD 6.0 billion) for the financial year ended March 31, 2021 compared with an AED 1.7 billion (USD 456 million) profit for last year.

The Group’s revenue was AED 35.6 billion (USD 9.7 billion), a decline of 66% over last year’s results, a release said here on Tuesday.

The Group’s cash balance was AED 19.8 billion (USD 5.4 billion), down 23% from last year mainly due to weak demand caused by COVID pandemic related business and travel restrictions across all of the Group’s core business divisions and markets.

Emirates SkyCargo put in a stellar performance by rapidly responding to new demand in a changed global marketplace, contributing to 60% of the airline’s total transport revenue.

Group records annual loss of AED 22.1 billion (USD 6.0 billion) due to COVID-19 pandemic impact, its first non-profitable year in over three decades.

Group revenue of AED 35.6 billion (USD 9.7 billion) impacted by worldwide travel restrictions and border closures during the entire financial year.

Results impacted by one-time impairment charges of AED 1.5 billion on Group’s non-financial assets. It ends year with a solid cash balance of AED 19.8 billion (USD 5.4 billion).

Emirates reports a loss of AED 20.3 billion (USD 5.5 billion) down from AED 1.1 billion (USD 288 million) profit in the previous year.

Revenue declined by 66% to AED 30.9 billion (USD 8.4 billion), due to the temporary suspension of passenger flights at its hub in March 2020 and ongoing global travel restrictions.

Airline capacity reduced to 24.8 billion ATKMs, with aircraft fleet size reduced by 11 aircraft.

Meanwhile, DNATA reports a loss of AED 1.8 billion (USD 496 million) down from AED 618 million (USD 168 million) profit in the previous year. Revenue declined by 62% to AED 5.5 billion (USD 1.5 billion), reflecting the pandemic impact across all business divisions in the UAE and worldwide.

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