Emirates Airline reports 21% increase in full-year profit

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Update – Business

An Airbus A380-800 passenger plane of the Emirates Airlines at Moscow's Domodedovo Airport.

DUBAI, United Arab Emirates — Dubai state carrier Emirates Airline reported a 21% increase in its full-year profit in the 12 months to March 31, it reported Sunday. The airline, one of the biggest long-haul carriers in the world, said it made 1.06 billion dirhams ($287.5 million) in that time, up from 871 million dirhams the previous year.

But the coming year will be severely impacted by the coronavirus pandemic, the airline’s chairman said.

Emirates Airline and Group Chairman Sheikh Ahmed bin Saeed Al Maktoum said that from February, things began changing rapidly as the coronavirus spread around the globe, halting international travel.

“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.

“The COVID-19 pandemic will have a huge impact on our 2020-21 performance, with Emirates’ passenger operations temporarily suspended since 25 March, and dnata’s businesses similarly affected by the drying up of flight traffic and travel demand all around the world,” the chairman said in a statement.

The airline has cut executive pay and reduced the basic salaries of most of its staff, it reported in late March when it halted all flights at the requirement of the UAE government.

source cnbc

UNITED ARAB EMIRATE      INCREASE PROFIT    COVID-19

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