Dubai-based Emirates Group has posted a revenue of AED1.7 billion (£367 million) for the monetary yr ended March 31st, down 28 per cent from final yr.
The autumn was attributed to a slowdown in operations throughout a runway closure at Dubai Worldwide in the course of the first quarter, and the newer impression of flight and journey restrictions as a result of Covid-19 pandemic.
Income on the group reached AED104 billion (£22.5 billion), a decline of 5 per cent on final yr.
Sheikh Ahmed bin Saeed Al Maktoum, chief govt of Emirates Group, stated: “For the primary 11 months of 2019-20, Emirates and dnata have been performing strongly, and we have been on monitor to ship in opposition to our enterprise targets.
“Nevertheless, from mid-February matters modified quickly because the Covid-19 pandemic swept the world over, inflicting a sudden and large drop in demand for worldwide air journey as nations closed their borders and imposed stringent journey restrictions.”
He added: “Even with no pandemic, our business has all the time been weak to a mess of exterior elements. In 2019-20, the additional strengthening of the US greenback in opposition to main currencies eroded our earnings to the tune of AED1 billion, international airfreight demand remained mushy for a lot of the yr, and competitors intensified in our key markets.”
Emirates stated it could pay no dividend to the Funding Company of Dubai in mild of the persevering with coronavirus pandemic.
On the 2019 Dubai Air Present in November, Emirates positioned a US$16 billion order for 50 A350 XWBs, and a US$ 8.Eight billion order for 30 Boeing 787 Dreamliner plane.
With first deliveries anticipated in 2023, these new plane will add to Emirates’ present fleet combine, and supply deployment flexibility inside its long-haul hub mannequin.
Al Maktoum concluded: “We anticipate it can take 18 months a minimum of, earlier than journey demand returns to a semblance of normality.
“Within the meantime, we’re actively participating with regulators and related stakeholders, as they work to outline requirements to make sure the well being and security of travellers and operators in a post-pandemic world.
“Emirates and dnata stand to reactivate our operations to serve our prospects, as quickly as circumstances enable.”