Emirates Posts $3.8 Billion Loss After Virus Sunk Air Travel
- Owner of Dubai carrier reports first loss in 30 years
- Group cut about 26,000 jobs in six months through September
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Emirates Group, owner of the world’s largest long-haul carrier, slumped to its first loss in more than 30 years after the coronavirus pandemic reduced demand for air travel to a trickle.
The 14.1 billion dirham ($3.8 billion) loss for the state-owned company came alongside a 24% reduction in headcount over the six months through September, Emirates said in a statement on Thursday. Revenue fell 74% as an increase in cargo traffic wasn’t enough to offset the decline of commercial flights.