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Saturday 6 March 2021

Abu Dhabi’s Etihad Losses Pile Up

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NEW DELHI (WION) – Abu Dhabi’s Etihad Airways is still targeting a return to profit in 2023, despite a more than doubling in core operating losses last year, after accelerating its restructuring during the pandemic.

Etihad Airways has announced its financial and operating results for 2020, recording a 76% fall in passengers carried throughout the year (4.2 mln, compared to 17.5 mln in 2019) as a result of lower demand and reduced flight capacity caused by the unparalleled global downturn in commercial aviation. The airline recorded $1.2 bln passenger revenues in 2020, down by 74% from $4.8 bln in 2019.

The cargo operation, however, recorded an extremely strong performance, with a 66% increase in revenue from $0.7 bln in 2019 to $1.2 bln in 2020, driven by huge demand for medical supplies such as Personal Protective Equipment (PPE) and pharmaceuticals, paired with limited global airfreight capacity. Cargo yield saw an improvement of 77%.

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