The Corona pandemic incurred “Emirates Airlines” annual losses of 6 billion dollars

0
20


Abu Dhabi – Mubasher: Emirates Airlines announced today, Tuesday, that it incurred losses amounting to 22.1 billion dirhams (6 billion dollars) for the fiscal year ending on March 31, 2020/2021 due to the decline in revenues caused by the impact of restrictions on flights and travel as a result of the “Covid-” pandemic. 19″.

The group recorded losses of 22.1 billion dirhams, 6 billion dollars for the fiscal year ending on March 31, 2021, compared to profits of 1.7 billion dirhams (456 million dollars) last year, according to the annual Emirates Airlines report on

The group’s revenues amounted to 35.6 billion dirhams ($ 9.7 billion), down 66 percent from the results of last year, and cash balances amounted to 19.8 billion dirhams ($ 5.4 billion), a decline of 23 percent from last year, mainly due to weak demand caused by various travel restrictions. and related businesses across all major business divisions and markets of the group due to the pandemic.

and fell operational costs By 46 percent compared to fiscal year 2019/2020. Cost of ownership (usage and depreciation) and staff cost were the two largest cost components in the fiscal year, followed by fuel, which accounted for 14 percent of operating costs compared to 31 percent in 2019-2020.

The fuel bill decreased by 76 percent compared to the previous year to reach 6.4 billion dirhams (1.7 billion dollars) as a result of a decrease in fuel purchases by 69 percent due to the impact of reduced capacity.

As a result of the ongoing restrictions on flights and travel due to the pandemic, Emirates Airlines announced losses of 20.3 billion dirhams ($ 5.5 billion) compared to profits of the previous year, which amounted to 1.1 billion dirhams ($ 288 million), and a negative profit margin of 65.6 percent.

This includes a one-time impairment charge of 710 million dirhams ($193 million) mainly related to aircraft that are currently grounded and not expected to return to service before their scheduled retirement during the new financial year.

Emirates carried 6.6 million passengers, down 88 per cent, in the 2020/2021 financial year, with seat capacity declining by 83 per cent. and record Seat occupancy rate 44.3 percent compared to 78.5 percent in the previous fiscal year.

وارتفع Passenger rate of return per kilometer by 48 percent to 38.9 fils (10.6 US cents). This rise is mainly due to the attractiveness of operating lines and prices, and the continued good demand for first and business classes. Given the pandemic conditions, seat occupancy and revenue cannot be compared to the previous year’s performance.

And recently, he explained Tim Clark, President of Emirates AirlinesIn a taped online interview with aviation consultant John Strickland for the Arabian Travel Market, Dubai-based Emirates is doing better than it initially expected, and “We’re a lot better than we thought we’d be at this time.” “.

He added: “I’m not saying it’s good, it’s just better than we thought we’d be when we set our visions back in the spring of last year.“.

Clark stressed that he had no doubts about the return of international travel in large numbers.

It is noteworthy that Emirates, owned by the government, is one of the largest long-haul airlines in the world, and has a fleet of about 140 Boeing 777-300s, in addition to 115 Airbus A380s.

Emirates announced on June 10 that it will Resumes flights to Malta, via Larnaca in Cyprus, as of July 14, with an average of 3 flights per week.

Thus, the carrier expands its network in Europe to 34 destinations, and provides its customers from its various international destinations with more options to travel through Dubai.

Recommendations:

DP World considers selling stake in Jebel Ali Free Zone

Sheikh Abdullah bin Zayed discusses aspects of cooperation with the Israeli Foreign Minister الخارجية







LEAVE A REPLY

Please enter your comment!
Please enter your name here