Operating revenues for H1-2020 were US$ 1.7bn
Etihad Airways (Etihad) has recently announced details of its half-year H1-2020 performance, which saw a strong start to the year, with the airline progressing well ahead of its transformation plan targets.
This included its best monthly results to date for February, prior to the impact of Covid-19, the subsequent closure of international borders, and the suspension of flights to and from the UAE from 24 March.
Etihad carried 3.5 million passengers in H1-2020 (H1-2019: 8.2mn), a reduction of 58% from the same period the previous year. The average seat load factor was 71%. Core operating loss for this period increased by US$ 172mn to US$ 758mn (H1-2019: US$ 586mn), driven by a 38% drop in revenues, which stood at US$ 1.7bn (H1-2019: US$ 2.7bn).
Cargo revenues were US$ 0.49 billion, an improvement of US$ 130mn (37%) compared to the same period in 2019, with 254,345 leg tonnes of cargo carried. This was driven by an increase in demand and a spike in cargo fares.
“While we have revised our outlook for the rest of 2020 based on current realities, we remain optimistic that as international borders re-open, we will increase our flying and carry more guests securely and with greater peace of mind, supported by the Etihad Wellness programme and our new wellness ambassadors,” remarked Tony Douglas, Group CEO, Etihad Aviation Group.
“Etihad managed to maintain a satisfactory level of liquidity despite a major drop in revenues, while continuing to raise new liquidity facilities supported by local and international financial institutions,” said Adam Boukadida, CFO, Etihad Aviation Group.
