Emirates remains in red despite government funds

The Emirates Group has seen a lack of AED5.7 billion (US$1.6 billion) for the primary half of economic 2021-22.

The determine is a considerable enchancment on the lack of AED14.1 billion (US$3.8 billion) reported for a similar interval final yr.

Group income was AED24.7 billion (US$6.7 billion) for the primary six months of 2021-22, up 81 per cent from AED13.7 billion (US$ 3.7 billion) throughout the identical interval final yr.

The “strong revenue recovery” was underpinned by the easing of journey restrictions worldwide and the corresponding improve in demand for air transport as nations progressed their Covid-19 vaccination programmes, the airline stated.

The group continued to take care of a “healthy cash position” which stood at AED 18.8 billion (US$5.1 billion) on September thirtieth, in comparison with AED19.8 billion (US$5.4 billion) on the finish of March.

Sheikh Ahmed bin Saeed Al Maktoum, chief government of Emirates Group, stated: “As we started our 2021-22 monetary yr, Covid-19 vaccination programmes have been being rolled out at unprecedented scale world wide.

“Across the group, we noticed operations and demand choose up as nations began to ease journey restrictions.

“This momentum accelerated over the summer and continues to grow steadily into the winter season and beyond.”

In the primary half of 2021-22, the Dubai authorities, proprietor of the airline, injected an extra injected AED2.5 billion (US$681 million) into the airline by the use of an fairness funding.

The worker base, in comparison with March, dropped marginally by two per cent to an total depend of 73,571 on the finish of September.

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