Etihad Airways information US$1.7bn loss for 2020 | Information

Etihad Airways has reported an working lack of US$1.7 billion for monetary 2020, accelerating the losses of US $0.eight billion seen final yr.

The Abu Dhabi flag-carrier blamed the Covid-19 for its deteriorating fortunes.

The airline noticed a 76 per cent fall in passengers carried all year long, right down to 4.2 million from 17.5 million in 2019.

This was a results of decrease demand and decreased flight capability attributable to the unparalleled world downturn in industrial aviation, the provider stated.

Whole passenger capability was decreased by 64 per cent in 2020 to 37.5 billion obtainable seat kilometres, down from 104 billion in 2019, with the seat load issue declining to 53 per cent, 25.eight share factors decrease in comparison with 2019.

The airline recorded US $1.2 billion passenger revenues in 2020, down by 74 per cent from US $4.eight billion in 2019, on account of fewer scheduled providers and drastically fewer folks travelling.

A contributing issue to this was the whole suspension of passenger providers into and out of the UAE from finish of March till early June final yr to restrict the unfold of Covid-19, in step with a UAE authorities mandate.

Greater than 80 per cent of whole passengers carried in 2020 have been flown throughout the first three months of the yr, demonstrating the precipitous drop in demand as the worldwide disaster deepened over the course of the yr.

Tony Douglas, group chief govt officer, Etihad, stated: “Covid shook the very basis of the aviation {industry}, however because of our devoted folks and the assist of our shareholder, Etihad stood agency and is able to play a key position because the world returns to flying.

“Whereas no person may have predicted how 2020 would unfold, our give attention to optimising core enterprise fundamentals over the previous three years put Etihad in good stead to reply decisively to the worldwide disaster.

“We’ve got taken daring motion to guard our folks and our friends, develop an industry-leading well being and hygiene programme, and restructure our enterprise to raised place us for restoration.”




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