Etihad Airways records US$1.7bn loss for 2020 | News

Etihad Airways has claimed an running decline of US$1.7 billion for economic 2020, accelerating the losses of US $.8 billion witnessed final calendar year.

The Abu Dhabi flag-provider blamed the Covid-19 for its deteriorating fortunes.

The airline observed a 76 per cent drop in travellers carried all over the calendar year, down to 4.2 million from 17.5 million in 2019.

This was a outcome of decrease desire and lowered flight capacity caused by the unparalleled world downturn in business aviation, the provider said.

Complete passenger capability was lessened by 64 for each cent in 2020 to 37.5 billion obtainable seat kilometres, down from 104 billion in 2019, with the seat load aspect declining to 53 per cent, 25.8 proportion points decrease in contrast to 2019.

The airline recorded US $1.2 billion passenger revenues in 2020, down by 74 for each cent from US $4.8 billion in 2019, owing to fewer scheduled providers and drastically fewer people today travelling.

A contributing variable to this was the overall suspension of passenger solutions into and out of the UAE from conclude of March till early June last 12 months to restrict the distribute of Covid-19, in line with a UAE federal government mandate.

Much more than 80 for every cent of complete travellers carried in 2020 were being flown through the very first 3 months of the 12 months, demonstrating the precipitous drop in demand from customers as the international crisis deepened around the training course of the year.

Tony Douglas, team main govt officer, Etihad, explained: “Covid shook the quite basis of the aviation market, but many thanks to our focused people today and the guidance of our shareholder, Etihad stood organization and is ready to engage in a key purpose as the environment returns to flying.

“While nobody could have predicted how 2020 would unfold, our focus on optimising main business fundamentals above the past 3 several years place Etihad in fantastic stead to react decisively to the worldwide disaster.

“We have taken bold action to safeguard our persons and our attendees, build an market-foremost wellness and hygiene programme, and restructure our business to improved situation us for recovery.”

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