COVID-19: Emirates Group records 32nd year of profit; airlines fight for survival
As this is a fast moving topic, please note that this information is current as at 11/05/20. For further information, please contact Nick Humphrey.
In the midst of the greatest challenge confronting the survival of the global aviation industry, Emirates Group announced its 32nd consecutive year of profit of AED 1.7 billion (US$456 million) for the financial year ending 31 March 2020.
Even before COVID-19 emerged in late 2019 and early 2020, the aviation sector was experiencing an economic slowdown in both passenger and cargo traffic, currency arbitrage issues for those exposed to the US dollar, the continuing grounding of the Boeing 737 Max aircraft and the collapsed of a number of airline and charter operators, notably including Thomas Cook and Jet Airways. Against these challenges, Emirate Group’s diversified airline and aviation services business model was continuing to prove to be resilient and successful.
Today, Dubai aviation partner Nick Humphrey, was interviewed on Dubai Eye’s Business Breakfast radio program to discuss the Emirates results in the context of these various economic challenges and how airlines are attempting to survive in the new dawn of COVID-19. Nick discusses the current measures being taken by airlines to control costs, including payment deferrals from lessors and the prospect of flying with a face mask when operations re-activate.