The Middle East's largest airline, Emirates, announced on Tuesday a net loss of $5.5 billion over the past year as revenue fell by more than 66% due to global travel restrictions sparked by the coronavirus pandemic.

The Dubai-based airline said revenue had declined by $ 8.4 billion, largely due to the suspension of passenger flights at its hub in March 2020 and ongoing restrictions on travel.

Emirates Group, which also operates dnata ground services at airports, reported a total loss of $6 billion, the first time ever it does not post a profit in more than three decades, the company said.

Dubai's government has stepped in to assist Emirates financially.