Emirates Airline Suffers First Financial Loss In 30 Years

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Emirates Airlines Photo credit: AFP
Emirates Airline Suffers First Financial Loss In 30 Years - Vantage News Nigeria
Emirates Airlines Photo credit: AFP

Emirates airline on Thursday posted a huge $3.4 billion loss in the first half of the year, its first in 30 years.

The airline stated that it had been badly hit by the coronavirus lockdown that brought air transport to “a literal standstill” for months in the year.

Chairman and Chief Executive of the airline, Sheikh Ahmed bin Saeed Al Maktoum in a statement said that it is an unprecedented situation for the aviation and travel industry, adding that the Emirates Group recorded a half-year loss for the first time in over 30 years.

Emirates suspended operations temporarily earlier this year due the COVID-19 pandemic and as a result, saw revenue fall to $3. 2 billion, a huge 75 per cent.

Statistically, the airline carried just 1.5 million passengers over the half year to September.

The figure represents a downward 95 percent from the same period in 2019.

The airline revealed that it delved into cargo business which had an increasing demand in the year due to need for medical supplies and food palliatives around the world  to keep afloat.

Ahmed said that the move helped the airline recover from zero to 26% revenues.

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