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

Etihad Airways has reported an working lack of US$1.7 billion for monetary 2020, accelerating the losses of US $0.8 billion seen final 12 months.

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 diminished flight capability attributable to the unparalleled world downturn in business aviation, the provider mentioned.

Whole passenger capability was diminished by 64 per cent in 2020 to 37.5 billion obtainable seat kilometres, down from 104 billion in 2019, with the seat load issue declining to 53 per cent, 25.8 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 $4.8 billion in 2019, attributable to fewer scheduled providers and drastically fewer individuals travelling.

A contributing issue to this was the entire suspension of passenger providers into and out of the UAE from finish of March till early June final 12 months to restrict the unfold of Covid-19, in step with a UAE authorities mandate.

Greater than 80 per cent of whole passengers carried in 2020 had been flown throughout the first three months of the 12 months, demonstrating the precipitous drop in demand as the worldwide disaster deepened over the course of the 12 months.

Tony Douglas, group chief govt officer, Etihad, mentioned: “Covid shook the very basis of the aviation {industry}, however due to our devoted individuals and the help of our shareholder, Etihad stood agency and is able to play a key function because the world returns to flying.

“Whereas no one may have predicted how 2020 would unfold, our concentrate on 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 friends, develop an industry-leading well being and hygiene programme, and restructure our enterprise to higher place us for restoration.”

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