EMIRATES post massive first half-year losses after it announces that it lost €2.9 billion in the first six months of the year.
The Dubai state-owned airline’s holding company announced the losses on Thursday, November 12, after the carrier said global flight and travel restrictions meant revenue dropped 75% to €2.7 billion as passenger traffic fell 95% to 1.5 million.
Emirates Group, which includes the airline, said its workforce had shrunk by 24% to 81,334 staff as of September 30 after temporarily suspending operations this year at the height of the coronavirus pandemic.
The airline confirmed it had received €1.7 billion in financial assistance from the government of Dubai as an equity investment and the positive news of the Pfizer COVID vaccine will hopefully boost fourth-quarter earnings for the company as airlines shares around the world were lifted following the announcement.
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