Abu Dhabi's Etihad halves half-year loss to $400 mln

Abu Dhabi's Etihad halves half-year loss to $400 mln By Qatar Day - August 10, 2021

A model Etihad Airways plane is seen on stage in New York, U.S. November 13, 2014. REUTERS/Lucas Jackson

REUTERS

 

Abu Dhabi's Etihad Airways on Tuesday said its core operating losses halved in the first half of the year to $400 million and that its liquidity position had returned to pre-pandemic levels.

The state-owned carrier, which over the past year has accelerated a pre-pandemic restructuring, said it had cut operating costs by 27% to $1.4 billion in the first half.

That was helped by a nearly 40% reduction in the number of aircraft utilized with the airline having grounded aircraft, including its ten Airbus A380 superjumbos. It is also phasing out of its 19 Boeing (BA.N) 777-300s.

The airline, which had 64 aircraft in operation in the first half, carried 1 million passengers, down 71.5% from a year ago. The average number of seats filled fell to 24.9%, from 71%.

Operating revenue shrank 29.5% to $1.2 billion, while earnings before interest, taxes, depreciation and amortisation swung to $100 million from a $100 million loss the year before.

Etihad has operated under tougher restrictions than some other United Arab Emirates carriers since the country lifted a months-long ban on most international travel in the second half of 2020.

Abu Dhabi, the largest emirate and capital of the UAE, currently requires most international arrivals to quarantine for several days while only those from select destinations are exempt.

In neighbouring Dubai, where airline Emirates is based, most international arrivals are required to present a negative coronavirus polymerase chain reaction (PCR) test without having to quarantine.

Reporting by Alexander Cornwell; Editing by Jon Boyle and Louise Heavens

By Qatar Day - August 10, 2021

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