Emirates posts first annual loss in more than 30 years
The Emirates Group announced its first annual loss in over 30 years as revenue declined by 62%.
The group posted a $6 billion loss with the airline business contributing $5.5 billion for the financial year ended 31 March 2021.
For the first time in the group’s history, redundancies were implemented across all parts of the business.
That led to a total workforce reduction of 31% to 75,145 employees.
Its financial obligations were restructured, with contracts renegotiated, and certain operations consolidated.
It says cost reduction initiatives returned an estimated saving of AED 7.7 billion during the year.
In 2020-21, it has invested AED 4.7 billion (US$ 1.3 billion) in new aircraft and facilities, acquisitions, and new technologies to position the business for recovery and future growth.
"No one knows when the pandemic will be over, but we know recovery will be patchy. Economies and companies that entered pandemic times in a strong position, will be better placed to bounce back. Until 2020-21, Emirates and dnata have had a track record of growth and profitability, based on solid business models," said Sheikh Ahmed bin Saeed Al Maktoum, Emirates Chairman and Chief Executive.
Emirates’ passenger and cargo capacity declined by 58% during the last financial year, due to pandemic-related flight and travel restrictions.
TravelMole Editorial Team
Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
Phocuswright reveals the world's largest travel markets in volume in 2025
Higher departure tax and visa cost, e-arrival card: Japan unleashes the fiscal weapon against tourists
Cyclone in Sri Lanka had limited effect on tourism in contrary to media reports
Singapore to forbid entry to undesirable travelers with new no-boarding directive
Euromonitor International unveils world’s top 100 city destinations for 2025