Emirates airline back in profit after heavy Covid losses

Emirates has bounced back into the black after its losses during the pandemic, the airline said yesterday, announcing a $1.1bn profit and a half-year record for the group.Revenues at the Middle East’s biggest carrier surged 131% to 50.1bn dirhams ($13.7bn) in the first half of the financial year starting in April, compared to a year earlier.Emirates Group, which includes the airline and air services provider dnata, clocked a record $1.2bn half-year profit which “reflects strong turnaround and recovery” after a $1.6bn loss last year.“Across the group, our operations recovery accelerated as more countries eased and removed travel restrictions,” Sheikh Ahmed bin Saeed al-Maktoum, chairman and chief executive of Emirates airline and group, was quoted as saying.“For the coming months, we remain focused on restoring our operations to pre-pandemic levels and recruiting the right skills for our current and future requirements,” he added.Emirates airline posted a $5.5bn loss for the 2020-2021 financial year, its first in more than three decades, after grounding its fleet and making heavy lay-offs during the coronavirus pandemic.After the Dubai-based carrier pared losses to $1.1bn in 2021-2022, Sheikh Ahmed said he was expecting full-year group profits for the current financial year.But “the horizon is not without headwinds”, he warned.“We are keeping a close watch on inflationary costs and other macro-challenges such as the strong US dollar and the fiscal policies of major markets,” Sheikh Ahmed said.