The Middle East’s largest airline, Emirates, announced on Tuesday a net loss of $5.5 billion over the past year as revenue fell by more than 66% due to global travel restrictions sparked by the coronavirus pandemic.
It marks the first time in more than three decades that the Dubai-based airline’s parent group has not churned out a profit, underscoring just how dramatic an impact COVID-19 has had on the aviation industry.
The Dubai-based airline said revenue had declined by $8.4 billion, even as operating costs decreased by 46%.
