The Emirates group says that the literal standstill caused by the Covid pandemic has seen the company record a first half loss for 2020-21 of AED 14.1 billion (£2.9 billion), its first in more than three decades.
The group said that capacity, measured in available seat kilometres, shrank by 91 per cent, whilst passenger traffic, measured in revenue passenger kilometres, was down by 96 per cent. Load factor for the period was 38.6 per cent, compared with last year’s pre-pandemic figure of 81.1 per cent.
The group’s hub in Dubai was closed to passenger traffic for eight weeks from the end of March.
His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and chief executive of the group, said: “We began our current financial year amid a global lockdown when air passenger traffic was at a literal standstill. In this unprecedented situation for the aviation and travel industry, the Emirates Group recorded a half-year loss for the first time in over 30 years.
“The Emirates group’s resilience in the face of current headwinds is testimony to the strength of our business model, and our years of continued investment in skills, technology and infrastructure which are now paying off in terms of cost and operational efficiency.”
He added: “No one can predict the future, but we expect a steep recovery in travel demand once a Covid-19 vaccine is available, and we are readying ourselves to serve that rebound.”
The group’s cash position on 30 September 2020 stood at AED 20.7 billion (£4.3 billion).