ABU Dhabi-headquartered Etihad Cargo saw both cargo volumes and revenues fall in 2019 as a result of fleet rationalisation programme and a weak market.
The cargo carrier saw 2019 volumes fall by 6.9 per cent year on year to 635,000 tonnes, while total revenues fell 15.7 per cent year on year to US$700 million.
This decline is mostly attributable to the full-year effect of belly-hold and freighter capacity rationalisation undertaken in the fourth quarter of 2018, combined with adverse market conditions that resulted in yields dropping 7.8 per cent, reports London's Air Cargo News.
IATA estimates that the overall cargo market declined by 3.3 per cent last year.
Etihad said it 'remained committed to its transformation in 2019' despite the 'challenging market headwinds'. Etihad has reduced its freighter fleet and invested in its digital services over the last couple of years. It also recently inked a major GSA partnership with the ECS Group.
'Underlying transformation results were visible in the fourth quarter, having recorded a 5.6 per cent increase in FTKs over the same period in 2018, with 1.7 percentage points higher load factors,' the carrier said.
Meanwhile, the overall Etihad business saw revenues drop 5.4 per cent to EUR5.6 billion (US$6.3 billion) while losses were reduced to $870 million, compared with $1.3 billion last year.
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The cargo carrier saw 2019 volumes fall by 6.9 per cent year on year to 635,000 tonnes, while total revenues fell 15.7 per cent year on year to US$700 million.
This decline is mostly attributable to the full-year effect of belly-hold and freighter capacity rationalisation undertaken in the fourth quarter of 2018, combined with adverse market conditions that resulted in yields dropping 7.8 per cent, reports London's Air Cargo News.
IATA estimates that the overall cargo market declined by 3.3 per cent last year.
Etihad said it 'remained committed to its transformation in 2019' despite the 'challenging market headwinds'. Etihad has reduced its freighter fleet and invested in its digital services over the last couple of years. It also recently inked a major GSA partnership with the ECS Group.
'Underlying transformation results were visible in the fourth quarter, having recorded a 5.6 per cent increase in FTKs over the same period in 2018, with 1.7 percentage points higher load factors,' the carrier said.
Meanwhile, the overall Etihad business saw revenues drop 5.4 per cent to EUR5.6 billion (US$6.3 billion) while losses were reduced to $870 million, compared with $1.3 billion last year.
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