Emirates airline reported a “significantly reduced” annual loss of $1.1 billion on Friday, down from $5.5 billion a year earlier, as pandemic travel restrictions ease.
Losses amounted to 3.9 billion dirhams ($1.1 billion) in the 2021-22 fiscal year ending March, with revenue up 91% as the airline grew its global capacity and restored flights, Emirates said in a statement.
The carrier said it received a capital injection of $954 million from its owner, the government of Dubai, to help it survive the crisis.
“This year, we have focused on restoring our operations quickly and safely wherever pandemic-related restrictions have eased in our markets,” said its chairman and CEO, Sheikh Ahmed bin Saeed Al-Maktoum.
“The business recovery accelerated, particularly in the second half of the year. Strong customer demand led to a huge improvement in our financial performance from our unprecedented losses last year and we strengthened our strong cash position.”
During the financial year, Emirates carried 19.6 million passengers, up 197% on the same period a year earlier.
“2021-22 was also an important year as the UAE celebrated its 50th anniversary and welcomed the world to Expo 2020 Dubai, which generated increased global engagement and visits to the UAE,” said Sheikh Ahmed.