• Travel Destinations

    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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    Singapore Airlines posts its first loss in 48 years

    The post Singapore Airlines posts its first loss in 48 years appeared first on TD (Travel Daily Media) Travel Daily. The year that airline business was decimated by the COVID-19 pandemic, Singapore Airlines, reported a record full-year net loss of SGD 4.27 billion (USD 3.21 billion). In what SIA called its “toughest year in history”, revenue for the financial year which ended March 2021, fell SGD 12.16 billion (USD 9.14 billion) or 76.1 per cent year-on-year to SGD 3.82 billion. At an operating level, the Group lost SGD 2.51 billion in FY2020/21 versus a gain of SGD 59 million in the prior reporting period. Net loss was SGD 4.27 billion…