Money
Survival of the richest: Dubai Govt pumps more money into Emirates
Emirates has received an additional $1.1 billion from the Dubai government
After recording a massive loss of $5.5 billion on Tuesday, the latest injection Emirates has received has risen to $3.1 billion, including $2 billion disclosed last year.
The airliner which made a $288 million profit the previous year saw saw revenue plunge 66% to $8.4 billion.
The international airline operates a fleet of 113 Airbus A380’s and 146 Boeing 777’s.
Emirates doesn’t fly or operate local/domestic routes and has been heavily impacted by international border closures in many countries such as Australia, which remains closed.
Emirates Chairman Sheikh Ahmed bin Saeed Al Maktoum says the recovery from the pandemic would be ‘patchy’, cautioning that no one could predict when the industry’s worst crisis would end.
The airliner stated that it had filled just 44.3% of seats on flights in the past year, down from an average of 78.4% a year earlier.
EK carried 6.6 million passengers, its lowest in two decades.
The airline cut capacity by 82.6% compared with the previous year as it centred operations around its 146 Boeing 777s.
Emirates reverted 19 of its Boeing 777 aircraft, stripping the seats to carry more cargo.
Most of the airline’s Airbus A380s have been grounded. Four more have been removed from operation and are unlikely to return before their scheduled retirement, it said.
The biggest loss in 30 years
It was the airline’s biggest annual loss, and only its third-ever following losses in 1987-88 and 1985-86, its first year in operation.
Emirates stated that the government who is its sole shareholder, would continue to support the airline.
Emirates has transformed Dubai into a major international travel hub over the past three decades, bringing billions of dollars from tourists into the country.
Both Emirates and Qatar Airways have no domestic markets to cushion against border restrictions and closures.
Qatar and Etihad results
Fellow Gulf carrier Qatar Airways, which is due to report results for its fiscal year ending March 31, has also received $3 billion from its state owner.
Abu Dhabi government-owned Etihad, which posted a core operating loss of $1.7 billion in 2010, has also slashed jobs and retired aircraft such as the superjumbo A380.
The pandemic has seen passenger revenue continue to slump.
In 2019, revenue fell 74% to $1.2 billion from $4.8 billion in 2019, as passenger numbers dropped 76% to 4.2 million, down from 17.5 million in 2019.
Etihad has recorded losses for the past five years.
Money
Secret IMF meeting sparks US-China truce
Covert IMF meeting sparks US-China trade breakthrough with 115-point tariff cut for 90 days, marking significant progress since the Trump trade war.
Money
Gen Z and millennials surpass boomers in voting power
Gen Z and Millennials outnumber Baby Boomers in Australian elections, signaling potential reforms in taxation and inheritance laws.
Money
Stocks decline as tariffs and trade tensions escalate
Stocks drop as tariffs worry investors; gold hits record high; Canada resists U.S. annexation talk.
-
News3 days agoU.S. and China strike surprise trade deal
-
News3 days ago
Inflation data, earnings reports, and market trends to watch
-
News3 days ago
Trump’s “very productive” deal: What’s behind the U.S.-China agreement?
-
News2 days ago
Trump may accept Qatari jet as the new Air Force One
-
Money2 days ago
Gen Z and millennials surpass boomers in voting power
-
Ticker Views2 days ago
Trump heads to the Gulf aiming to bolster trade ties
-
News3 days ago
Pope Leo XIV calls for global peace and ceasefires
-
News2 days ago
Stocks surge after U.S.-China tariff agreement made
