Dubai state-owned aviation giant, Arab Emirates faced a loss of $3.4 billion in the first half of the pandemic stricken year in contrast to a profit of $230 million for the first half of the previous year. Emirates hinted the holding company into a half-yearly loss for the first time in three decades.
Emirates had temporarily suspended their service in the lieu of the COVID-19 pandemic.
“Global flight and travel restrictions meant revenue dropped 75% to $3.2 billion as passenger traffic fell 95% to 1.5 million,” the aviation giant said in a statement about the unfortunate effect of the pandemic on the aviation industry.
The holding company, Emirates Group, which owns the airline, stated that its workforce had reduced by 24 percent to 81,334 staff as of September 30. It also affirmed the news of receiving $2 billion as an equity investment in financial assistance from the government of Dubai.
Emirates is the world’s largest airline and is counted as one of the fastest-growing carriers globally, pursuing an aggressive network. The airline functions with a fleet of widebody equipment and hails as the largest operator of the Airbus A380 aircraft type.