Abu Dhabi’s Etihad posts $400 million in half-year losses

DUBAI, United Arab Emirates (AP) — Abu Dhabi’s national carrier Etihad on Tuesday reported core operating losses of $400 million for the first half of the year, driven by a 68% drop in passenger revenue as highly contagious variants of the coronavirus course across the globe.

The figure — although half of the $800 million in losses reported amid the devastation of the pandemic in the first half of 2020 — reflects the continued uncertain outlook for international travel.

Over the last six months, the airline carried 1 million passengers who on average filled 24.9% of plane seats, down from 3.5 million passengers and 71% of seats filled in the first half of 2020. Tony Douglas, CEO of Etihad, lamented the “curveball of the Delta variant disrupting the global recovery in air travel.”

But the carrier, which competes with nearby Dubai’s Emirates and Qatar Airways, stressed it’s ready to reap the benefits of a rebound after slashing year-on-year operational costs by 27% to $1.4 billion.

Etihad is one of the Middle East’s top carriers but was wracked by financial losses even before the pandemic clobbered the aviation industry worldwide.

Copyright © 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up