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

Kamark departs as Etihad restructures operations | News

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, all the way down to 4.2 million from 17.5 million in 2019.

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

Whole passenger capability was lowered by 64 per cent in 2020 to 37.5 billion accessible 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, as a result of fewer scheduled companies and drastically fewer individuals travelling.

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

Greater than 80 per cent of complete passengers carried in 2020 had been flown in the course of 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 government officer, Etihad, stated: “Covid shook the very basis of the aviation {industry}, however because of our devoted individuals 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 one might 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 taken daring motion to guard our individuals and our visitors, develop an industry-leading well being and hygiene programme, and restructure our enterprise to raised place us for restoration.”

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