ETIHAD Airways narrowed a US$800 million net loss in the first half of 2020 to a $400 million loss this year, drawn on revenues of $1.7 billion, which increased 41 per cent.
'Every day, etihad Airways is making up for lost ground. Despite the curveball of the Delta variant disrupting the global recovery in air travel, we have continued to ramp up operations and are today in a much better place than this time in 2020,' said Etihad Airways CEO Tony Douglas.
'As soon as destinations are added to the Abu Dhabi green list or UAE travel corridors, we are seeing a three to six-fold jump in bookings in some cases, showing there is a tidal wave of demand waiting to be unleashed,' he said.
Etihad retained a focus on cost control, decreasing operating costs by 27 per cent year on year from $1.9 billion to $1.4 billion, supported by reduced capacity and volume-related expenses.
Fixed overhead costs saw a significant improvement, reducing by 22 per cent to $300 million, while finance costs reduced by 22 per cent owing to an ongoing balance sheet deleveraging. As a result, the airline managed to rebuild its liquidity position to pre-pandemic levels.
Said chief financial officer Adam Boukadida: 'While market demand has been slower to recover than anticipated, our record cargo performance has continued to buoy the business.
SeaNews Turkey
'Every day, etihad Airways is making up for lost ground. Despite the curveball of the Delta variant disrupting the global recovery in air travel, we have continued to ramp up operations and are today in a much better place than this time in 2020,' said Etihad Airways CEO Tony Douglas.
'As soon as destinations are added to the Abu Dhabi green list or UAE travel corridors, we are seeing a three to six-fold jump in bookings in some cases, showing there is a tidal wave of demand waiting to be unleashed,' he said.
Etihad retained a focus on cost control, decreasing operating costs by 27 per cent year on year from $1.9 billion to $1.4 billion, supported by reduced capacity and volume-related expenses.
Fixed overhead costs saw a significant improvement, reducing by 22 per cent to $300 million, while finance costs reduced by 22 per cent owing to an ongoing balance sheet deleveraging. As a result, the airline managed to rebuild its liquidity position to pre-pandemic levels.
Said chief financial officer Adam Boukadida: 'While market demand has been slower to recover than anticipated, our record cargo performance has continued to buoy the business.
SeaNews Turkey
