Etihad Airways, which is owned by the Abu Dhabi government, said today, Tuesday, that it cut its basic operating losses by half in the first half of this year; To reach $400 million, compared to about $800 million in the same period in 2020, supported by the reduction of absorptive capacity and costs.
The airline said in a statement today that it cut operating costs by 27% year-on-year to $1.4 billion, which included reducing the airline's operating fleet while halting flights. Many planes.
Earnings before interest, tax, depreciation, and amortization were positive $100 million, down from negative $0.1 billion in the same period last year.
Overhead expenditures improved significantly and decreased by 22% to $0.3 billion, while financial costs decreased by 22% thanks to budget monitoring and deleveraging. Thus, the tanker was able to rebuild its liquidity to the pre-pandemic stage.
Etihad Airways carried 1 million passengers with an average seat occupancy rate of 24.9% during the period, down from 3.5 million passengers and a seat occupancy rate of 71% in the first half of 2020.
