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    Nosediving net: Emirates posts $5.5 billion annual loss for first time in over 30 years

    The post Nosediving net: Emirates posts $5.5 billion annual loss for first time in over 30 years appeared first on TD (Travel Daily Media) Travel Daily. Dubai-based Emirates airline posted a USD 5.5 billion annual loss, its first in more than three decades, after the coronavirus pandemic devastated the aviation industry. The carrier said it received a capital injection of USD 3.1 billion from its owner, the government of Dubai, to help it survive the crisis. “The Emirates group was hit hard by the drop in demand for international air travel as countries closed their borders and imposed stringent travel restrictions,” said chairman and chief executive, Sheikh Ahmed bin Saeed…

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    Rex revises forecast to full-year loss

    The post Rex revises forecast to full-year loss appeared first on TD (Travel Daily Media) Travel Daily. Rex said on Wednesday (9 June) that it is now forecasting a full-year loss of AUD15 million due to ongoing lockdowns in various parts of Australia due to the COVID-19 pandemic. The airline, which is locked in a battle with flag carrier Qantas and Virgin Australia for inter-state travel, had earlier forecast it would break even for the financial year. Rex has cancelled many flights to and from Melbourne in Australia’s Victoria state over the last two weeks after the state experienced an outbreak of COVID-19 cases. The disruption comes after the airline…

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    Qantas reveals shocking AUD 1 billion six-month loss

    The post Qantas reveals shocking AUD 1 billion six-month loss appeared first on TD (Travel Daily Media) Travel Daily. As the COVID-19 pandemic left a terrible horror mark in the aviation industry and proved to be a fatal blow, Qantas has now posted an underlying loss of AUD 1.1 billion (USD 858 million) in the six months to 31 December 2020. In a half-yearly trading update on 24 February, the national carrier of Australia said that revenue took AUD 6.9-billion (USD 5.50 billion) hit, dropping to AUD 2.3 billion (USD 1.83 billion) in the second half of 2020, as passenger numbers slumped 83%. Australia’s largest airline also revealed it has…

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    Etihad Airways reports staggering USD 1.7 billion loss

    The post Etihad Airways reports staggering USD 1.7 billion loss appeared first on TD (Travel Daily Media) Travel Daily. Abu Dhabi’s national carrier Etihad has reported core operating losses of USD 1.7 billion in 2020, reflecting the severe toll of the coronavirus pandemic on the long-troubled airline that has lost billions in recent years. The airline reported revenues of USD 2.7 billion in 2020 compared to USD 5.6 billion the year before, a precipitous decline it attributed to ‘drastically fewer people traveling’ as the surging pandemic crippled air travel. But the airline, one of the Middle East’s top carriers, struggled with financial losses long before the pandemic wiped out the…

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    Qantas announces USD1.5 billion loss

    The post Qantas announces USD1.5 billion loss appeared first on TD (Travel Daily Media) Travel Daily. In a trading update on Thursday morning, Qantas revealed that it was preparing to see an annual loss of more than AUD2 billion (USD1.5 billion) in the 2021 financial year, following its half-year loss of AUD1.03 billion (USD800 million), reported in February. Despite current improving domestic conditions, Qantas said that the snap three-day lockdown in Perth in April alone cost the company AUD15 million (USD11.6 million) in revenue, while a similar lockdown in Brisbane in March cost AUD29 million (USD22.5 million), due to insecure borders. Sydney’s extended lockdown in December, sparked by a COVID…