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Etihad Etihad

Etihad Reports Strong Start of 2020 with Q2 Impacted by Covid-19

Etihad Airways (Etihad), has provided 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 March 24.

 Etihad carried 3,5 million passengers in H1 (H1 2019: 8.2 million), a reduction of 58 percent from the same period the previous year. Average seat load factor was 71 percent.

 Core operating loss for this period increased by USDS 172 million to USD 758 million (H1 2019: USD 586 million), driven by a 38 percent drop in revenues, which stood at USD 1,7 billion (H1 2019: US$ 2.7bn). This was partially off-set by a 27% reduction in direct operating costs to USD 1,9 billion (H1 2019: USD 2,7 billion), and a 21 percent reduction in general and administrative expenses to USD 0,40 billion (H1 2019: USD 0,50), both driven by management cost containment initiatives and reduced operations. Available Seat Kilometres (ASK) reduced by 53 percent to 23,69 billion (H1 2019: 50,35 billion).

 Cargo revenues were USD 0,49 billion, an improvement of USD 130 million (37 percent) 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.