Emirates, closes 2020 with $6B loss. Five A380s decommissioned
Earlier today, the Dubai-based company released fiscal 2020 figures, numbers that would put in [...]
Emirates
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In today's company of Dubai released fiscal 2020 figures, numbers that would bring any carrier not supported by the government to its knees, as is the case with the most famous of the UAE.
"Emirates Group - reads the press note- reported a loss of AED 22.1 billion (US$6.0 billion ) for the fiscal year ending March 31, 2021 compared to a profit of AED 1.7 billion (US$456 million) last year. Group sales were AED 35.6 billion (US$9.7 billion), a decrease of 66% from last year's results. The Group's cash balance was AED 19.8 billion (US$5.4 billion), a decrease of 23% from last year, mainly due to weak demand caused by various pandemic-related activities and travel restrictions in all of the Group's core divisions and markets."
For the first time in the Group's history, layoffs had to be made in all branches of the company. As a result, the workforce was reduced by 31%: in total there are now 75,145 employees, representing more than 160 different nationalities.
Emirates' total passenger and cargo capacity decreased by 58% , due to pandemic-related flight and travel restrictions, including a complete suspension of commercial passenger services for nearly eight weeks, as indicated by the UAE government from March 25, 2020.
Emirates has received three new A380 aircraft during the financial year and phased out 14 airplanes including 9 Boeing 777-300ERs and 5 A380, leaving the total number in its fleet at 259 at the end of March. The average age of Emirates' fleet remains 7.3 years.
The airline is firmly committed to its long-standing strategy of operating a modern and efficient fleet, which underscores the brand promise of "Fly Better," as young aircraft are better for the environment, better for operations, and better for customers. For this more than 200 planes have been ordered as the newest 777Xs.
During the year, Emirates reactivated its Strategic codeshare partnership with Flydubai and entered into agreements with the new partner TAP Air Portugal, FlySafair and Airlink in South Africa, to expand connectivity for its customers.
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