Emirates posts US$5.5b loss as revenue plunges

Emirates has posted a net loss of $US5.5 billion ($7.1 billion) over the past year marking the first time in more than 30 years since the carrier hasn’t turned a profit.

The Dubai based airline recorded a 66 per cent drop in revenue of $US8.4 billion due to the pandemic.

This was despite operating costs decreasing by 46 per cent. The loss was triggered by a 90 per cent drop in passengers.

The carrier has been bailed out by the Dubai Government to the tune of $US2 billion to keep it afloat.

“We have been tested in our ability to deal with this unforeseen situation, but we have emerged out of it tougher,” Sheikh Mohammed bin Rashid Al Maktoum said in the carrier’s annual report.

Closer to home, the Federal Government’s bail out for Qantas will soon reach $1.5 billion.