Mideast’s biggest airline, Emirates, announces $5.5 billion net loss due to coronavirus restrictions on global travel

DUBAI, United Arab Emirates (AP) — The Middle East’s largest airline, Emirates, has announced a net loss of $5.5 billion over the past year as revenue fell by more than 66% due to global travel restrictions sparked by the coronavirus pandemic. The Dubai-based airline said on Tuesday that revenue had declined by $8.4 billion, largely due to the weeks-long suspension of passenger flights at its hub in March 2020 and ongoing restrictions on travel. It marks the first time that Emirates Group has not churned out a profit in more than three decades. The airline had squeezed out profits of $288 million in the previous year.