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State-owned Emirates posts $3.8 billion in half-year losses
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DUBAI – Emirates Group, the owner of the Middle East’s biggest carrier, reported Thursday it lost $3.8 billion in the first half of the year, its first net loss in over three decades after the pandemic wiped out air travel.The state-owned company said revenue for its Dubai-based airline, Emirates, had dropped 75% to $3.2 billion from the same period a year ago, even with this year’s 52% reduction in operating costs and rise in cargo traffic.The long-haul carrier parked its planes for two months as virus-induced lockdowns took hold around the world.
Even when restrictions were loosened, passenger traffic was still down 95% from pre-pandemic levels. Emirates flew just 1.5 million passengers between April and September.
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