Etihad reports recovery upswing in Q2 2021
Etihad Airways announced its Q2 financial results on 10 August 2021, with an operating loss of $400 million, halving their previous year's loss of $800 million.
The UAE-based airline also reported an increase in their Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) from a negative $100 million in 2020 to a positive $100 million in 2021.
Etihad indicated that its financial performance showed a progressive recovery despite a slower than expected return to global air travel. The carriage of roughly one million passengers with an average seat load factor of 24.9% catalyzed their upswing in the first half of 2021.
The carrier also added that the new variants of the Coronavirus affected their operations in Europe and the Indian Sub-Continent, decreasing their passenger revenue by 68% year on year, which was later compensated by the increased cargo operations.
"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 Tony Douglas, Chief Executive Officer of Etihad. "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. We are ready to welcome more guests on board to experience why Etihad is second to none when it comes to ensuring passenger wellbeing."
Etihad stated that its primary focus in 2020 was maintaining cost-effectiveness and operational fidelity.
Currently, the airline is operating a fleet of 64 aircraft, including five freighters.
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