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UAE's Etihad Airways narrowed its losses in 2021 as passenger loads surged in the second half of the year and cargo operations brought in record revenues.
The Abu Dhabi-based airline reported a full-year net loss of $476 million compared with a loss of $1.7 billion in 2020. In pre-pandemic 2019, the airline reported a net loss of $802 million.
Last year it carried 3.5 million passengers with an average seat load factor of 39.6 percent, Etihad said in a statement.
Passenger loads doubled in the second half of the year, reaching over 70 percent in December as travel demand peaked during the winter holiday period. Passenger volumes surged in Q4 following the September relaxation of mandatory quarantine periods in Abu Dhabi.
In cargo operations, there was a 27 percent year-on-year increase in freight carried in 2021. Cargo revenues rose 49 percent to $ 1.73 billion, the highest figure in its history, the airline said.
"Despite the slowdown caused by Omicron, we are confident that the spring and summer season will continue to see a resurgence in travel as more people return to the skies," said Etihad's Group Chief Executive Officer Tony Douglas.
The airline, which reported its fifth consecutive year of loss, said the improved performance was also due to cost control. It cut operating costs by $110 million, despite a $197 million increase in fuel costs due to higher oil prices.
(Reporting by Brinda Darasha; editing by Seban Scaria)
