Advanced Theory & Practice of Bonds

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1-2 December 2021

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Emirates Group came out with its earnings for FY2021 ended March 31 on Tuesday in which it reported its first annual loss in over 30 years caused due to the drop in passenger traffic as a fallout of the pandemic. The group incurred a loss of AED 22.1bn ($6.0bn) vs. a profit of AED 1.7bn ($456mn) last year. Emirates contributed a loss of AED 20.3bn ($5.5bn) while the rest was attributable to dnata, the ground services provider of the airlines. The revenue of the group declined 66% to AED 35.6bn ($9.7bn), of which the airlines’ contribution was AED 30.9bn ($8.4bn), down 66% while dnata contributed AED 5.5bn ($1.5bn), down 62%. The group ended the year with cash of AED 19.8bn ($5.4bn), which was down 23% YoY but still strong. To tide over the pandemic, the group was forced to implement redundancies for the first time in its history, slashing its workforce by 31%. Its fleet size was also reduced by 11 aircraft. Emirates had received a capital injection of AED 11.3bn ($3.1bn) from  the Government of Dubai, while dnata managed a relief of AED 800mn ($218mn) through various industry relief programs in 2020-21.

Emirates Airlines’ 3.875% 2023s and 4.5% 2028s were up 0.28 and 0.19 to trade at 101.56 and 102.94 respectively.
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