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Sunday, June 23, 2024

Emirates to raise debt as travel recover expected after 18 months

(Dubai) – Emirates, one of the world’s biggest long-haul airlines, will raise debt to help it through the coronavirus pandemic that has shattered global travel demand, warning that a recovery in travel demand was at least 18 months away.

The state-owned airline, which reported on Sunday a 21% rise in profit for its financial year that ended on March 31, said it would tap banks to raise debt in its first quarter to lessen the impact of the virus outbreak.

Emirates did not say how much it expected to raise. The airline suspended regular passenger flights in March due to the coronavirus pandemic and has been promised financial aid from its Dubai state owner.

“The COVID-19 pandemic will have a huge impact on our 2020-21 performance,” Chairman Sheikh Ahmed bin Saeed said in a statement.

“We continue to take aggressive cost management measures, and other necessary steps to safeguard our business, while planning for business resumption.”

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