Emirates, one of the world's biggest long-haul airlines, said on Sunday it will raise debt to help it through the coronavirus pandemic and may have to take tougher measures as it faces the most difficult months in its history.
DUBAI - Emirates, one of the world’s biggest long-haul airlines, said on Sunday it will raise debt to help it through the coronavirus pandemic and may have to take tougher measures as it faces the most difficult months in its history.
It reported a 21% rise in profit for its financial year that ended on March 31, but said the pandemic had hit its fourth quarter performance and it would tap banks to raise debt in its first quarter to lessen the impact on cash flows by the virus. “We continue to take aggressive cost management measures, and other necessary steps to safeguard our business, while planning for business resumption.”
Dubai Ruler Sheikh Mohammed bin Rashid al-Maktoum said in the group’s annual report released on Sunday that he was confident Emirates would emerge from the crisis strong, and a global leader in aviation. Revenue contracted 6.1% to 92 billion dirham as the number of passengers carried fell 4.2% to 56.2 million.It is not clear when Emirates will resume normal flights. Rival Qatar Airways has said it would begin rebuilding its network from this month, while Abu Dhabi’s Etihad Airways plans to resume regular flights from June.
Dnata has laid off some employees so that they could be eligible for unemployment schemes, Sheikh Ahmed said in the internal email.
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