Money
Emirates posts biggest loss in three decades
Emirates has recorded its biggest yearly loss in three decades.
In a tweet the Emirates group announced it lost $6 billion USD for the 2020/2021 past year.
The airline blamed the worldwide travel restrictions as the main driver of the slump.
The group’s revenue was $9.7billion USD, a decline of 66 percent over last years results.
Emirates revealed their current cash balance is now at $5.4 billion USD which is down 23 percent from last year mainly due to the weak demand in air travel caused by multiple pandemic-related lockdowns.
Emirates also confirmed in a statement that they did receive a capital injection of $3.1 billion USD from the Dubai Government who is the ultimate shareholder of the Middle Eastern Carrier.
