Dubai-based airline Emirates has reported half-year 2021/22 revenue of AED 21.7 billion ($5.9 billion), up 86 per cent on last year as global travel restrictions have eased and passengers have returned to the skies.

The carrier said overall capacity measured in available seat kilometres (ASK) during the first six months of the financial year more than tripled compared to the same period in 2020/21, while passenger traffic measured in revenue passenger kilometres (RPK) was up 335 per cent.

During the six months to 30 September, Emirates took delivery of two new A380s and retired two older aircraft. The airline added capacity in response to travel restrictions lifting and in July it launched new services to Miami. It also started codeshare and interline partnerships with Airlink, Aeromar, Azul, Cemair and South African Airways.

By the end of the first half, Emirates was operating passenger and cargo services to 139 airports, utilising its entire Boeing 777 fleet and 37 of its A380s.

Emirates¡¯ losses decreased from AED 12.6 billion ($3.4 billion) last year to AED 5.8 billion ($1.6 billion) in the first half of 2021/22. Last year¡¯s loss was the group¡¯s first in more than 30 years. The airline said its strong turnaround reflects the quick return of passenger demand where flight and travel restrictions have been eased.

The airline¡¯s EBITDA recovered to AED 5 billion ($1.4 billion) compared to only AED290 million ($79 million) for the same period last year.

For Emirates Group as a whole, including dnata, revenue was up 81 per cent to AED 24.7 billion ($6.7 billion). The group is reporting a net loss for the half of AED 5.7 billion ($1.6 billion), a substantial improvement on last year¡¯s loss of AED 14.1 billion ($3.8 billion).

His Highness Sheikh Ahmed bin Saeed Al Maktoum, chairman and CEO of Emirates, said: ¡°As we began our 2021/22 financial year, Covid-19 vaccination programmes were being rolled out at unprecedented scale around the world. Across the group, we saw operations and demand pick up as countries started to ease travel restrictions. This momentum accelerated over the summer and continues to grow steadily into the winter season and beyond.¡±

Sheikh Ahmed credited the group¡¯s cargo transport and handling business¡¯s strong performance for the company¡¯s ability to ¡°quickly reinstate passenger services¡±. ¡°While there¡¯s still some way to go before we restore our operations to pre-pandemic levels and return to profitability, we are well on the recovery path with healthy revenue and a solid cash balance at the end of our first half of 2021/22.¡±

Emirates said its survival during the pandemic came down to its ability to tap into its own strong cash reserves and funding from its owner the government of Dubai and other financial sources. During the first half of the year, the owner injected a further AED 2.5 billion ($681 million) into the group by way of an equity investment.

The group¡¯s cash position as of 30 September 2021 stood at AED 18.8 billion ($5.1 billion).