UAE - Mubasher: The Emirates Group has incurred net losses of AED 5.7 billion ($1.6 billion) during the first six months of fiscal year 2021/2022, down from AED 14.1 billion ($3.8 billion) net losses in the same period of the earlier year.
The group reported revenues of AED 24.7 billion ($6.7 billion) in the first half of 2021-22, up 81% from AED 13.7 billion ($3.7 billion) during the year-ago period, according to a press release on Wednesday.
Higher revenues were attributed to the easing of travel restrictions and the rise in demand for air transport amid the COVID-19 vaccination rollout.
Meanwhile, the group recorded the earnings before interest, tax, depreciation, and amortisation (EBITDA) of AED 5.6 billion ($1.5 billion) in the first half of 2021-22, compared to a negative AED 43 million ($12 million) EBITDA in the corresponding period of the previous year.
The Chairman and Chief Executive of Emirates Airline and Group, Sheikh Ahmed bin Saeed Al Maktoum, said: "Across the Group, we saw operations and demand pick up as countries started to ease travel restrictions. This momentum accelerated over the summer and continues to grow steadily into the winter season and beyond."
Al Maktoum added: "We intend to continue investing in these core areas to take our business into the future, together with the leaner processes and new technology capabilities that we have implemented in the past months."
