Emirates full-year profit drops 28% due to COVID-19
The Emirates Group said on Sunday its profit for the fiscal year ending March 31 plunged 28% compared to the previous twelve-month period to $456 million as a result of COVID-19 travel restrictions.
“For the first 11 months of 2019-20, Emirates and dnata were performing strongly, and we were on track to deliver against our business targets. However, from mid-February things changed rapidly as the COVID-19 pandemic swept across the world, causing a sudden and tremendous drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions,” CEO Sheikh Ahmed bin Saeed Al Maktoum stated.
The airline’s revenue fell 5% year on year to $28.3 billion.
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