Emirates Group posts USD 3.8 billion loss after Covid-19 sunk air travel

Emirates Group, owner of the world’s largest long-haul carrier, slumped to its first loss in more than 30 years after the coronavirus pandemic reduced demand for air travel to a trickle.

The 14.1 billion dirham ($3.8 billion) loss for the state-owned company came alongside a 24% reduction in headcount over the six months through September, Emirates said in a statement on Thursday. Revenue fell 74% as an increase in cargo traffic wasn’t enough to offset the decline of commercial flights.

“We began our current financial year amid a global lockdown when air-passenger traffic was at a literal standstill,” said Chairman Sheikh Ahmed Bin Saeed Al Maktoum. “We expect a steep recovery in travel demand once a Covid-19 vaccine is available, and we are readying ourselves to serve that rebound.”