Emirates hard hit by anti COVID measures but determined to survive

DUBAI, Nov 12 (KUNA) -- Emirates airlines incurred USD 3.8 billion losses in the fiscal year (2020-21) H1 compared to profits worth USD 320 million it posted in the corresponding period 2019.
The group said in a statement on Thursday overall returns plunged by 74 percent recording USD 3.7 billion, affirming that the hefty losses were largely outcome of the unprecedented restrictions on aviation locally and worldwide due to outbreak and spread of the novel coronavirus (COVID-19).
The statement quoted the group chairman, Sheikh Ahmad bin Said Al-Maktoum, as saying the current fiscal year started amid global lockdowns resulting in record paralysis of passengers' traffic, thus resulting in the group first losses since 30 years ago.
Due to drastic shrink of the passenger traffic, the group rapidly shifted to broadening operations in cargo and other related sectors. "This helped us restore some of the proceeds from zero to 26 percent in contrast to our situation the same period last year," Sheikh Ahmad said.
Emirates will remain determined to overcome all challenges, he said, forecasting substantial increase of passenger traffic once an accredited vaccine against the coronavirus has been made available.
In the meantime, the company is standing in the face of the hurdles with contributions by shareholders, monetary reserves and the financial society, he added.
The shareholders, alone, have recently injected USD two billion into the group capital and "they will support us in the recovery phase," Sheikh Ahmad affirmed.
As to the group workers' and staff force, it shrank by 24 percent until September 30, dropping to 81,000 personnel.
The Emirates, founded in 1985, is totally owned by the Dubai government. It is one of the largest airways companies in the world with a 260-aircraft fleet, covering 120 destinations worldwide. (end) smr.rk