Dnata, which is part of Emirates Group and owns B2B operators Gold Medal and Travel 2 in the UK, made revenue of just $26 million for the six months between April and September, compared with $488 million during the same period in 2019.

When refunds from cancelled bookings are taken into account, dnata’s travel division actually recorded negative “underlying” sales of $67 million for the six-month period – the first time this has happened in the division’s history.

Parent company Emirates Group suffered a 74% drop in revenue leading to a loss of $3.8 billion for the six months as it was “significantly impacted by unprecedented flight and travel restrictions worldwide due to the Covid-19 pandemic”.

Emirates Airline itself recorded a 75% fall in sales, as it carried only 1.5 million passengers between 1 April and 30 September – down by 95% on the same period last year.

Sheikh Ahmed bin Saeed Al Maktoum, chief executive of Emirates Airline and Group, said: “The Emirates Group’s resilience in the face of current headwinds is testimony to the strength of our business model, and our years of continued investment in skills, technology and infrastructure which are now paying off in terms of cost and operational efficiency.

“No one can predict the future, but we expect a steep recovery in travel demand once a Covid-19 vaccine is available, and we are readying ourselves to serve that rebound. In the meantime, Emirates and dnata remain responsive in deploying resources to serve our customers and meet demand.”

Dnata’s two B2B brands Gold Medal and Travel 2 are currently going through a merger process that will eventually see them operate under the Gold Medal banner.