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Etihad Airways logs $758m losses in H1-20

Etihad Airways logs $758m losses in H1-20
Direct operating costs reached $1.9 billion

UAE - Mubasher: The operating losses of Etihad Airways rose by $172 million to $758 million in the first half (H1) of 2020, compared to $586 million in the year-ago period.

The airline's higher losses are attributed to 38% lower revenues to record $1.7 billion in the first six months of 2020 from $2.7 billion in the same period of 2019, according to a press release on Thursday.

Meanwhile, the company's direct operating costs reached $1.9 billion in H1-20, decreasing by 27% from $2.7 billion in H1-19.

The general and administrative expenses reduced by 21% to $0.40 billion in the January-June period of 2020 from $0.50 billion in the corresponding period of the previous year.

The total number of passengers at Etihad Airways plunged by 58% to 3.5 million in H1-20, versus 8.2 million in the year-ago period.

Commenting on the airline's performance, the CEO of Etihad Aviation Group, Tony Douglas, said: "While we have revised our outlook for the rest of 2020 based on current realities, we remain optimistic that as international borders re-open, we will increase our flying and carry more guests securely."

Douglas added: "By September, we aim to increase our worldwide flights to half our pre-COVID-19 capacity."