Business

Emirates Group posts $1B loss for fiscal year ending March

Group’s revenue comes at $18.1B, up 86% over last year

Dubai-based international aviation company The Emirates Group posted a loss of $1 billion for the financial year that ended on March 31, 2022, according to its financial results.

The figure marked a recovery from a $6 billion loss last year, when the global aviation industry was still struggling with the coronavirus pandemic and oil prices began to climb.

“This year, we focused on restoring our operations quickly and safely wherever pandemic-related restrictions eased across our markets,” Emirates Airline Group Chairman and CEO Sheikh Ahmed bin Saeed Al Maktoum said in a statement released on Friday.

“The health and safety of our people and customers remained a key priority as the world navigated its second full year of the pandemic,”he added.

The group’s revenue came at $18.1 billion for the fiscal year, an increase of 86% over last year.

Emirates said it received a capital injection of $954 million from the Government of Dubai in the 2021-22 fiscal year and that it also tapped various industry support programs.

Source
aa

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