Etihad Airways has reported an operating loss of $400 million in the first six months of 2021, an improvement on the $800 million loss in the same period in 2020.
Passenger revenue fell almost 70% to $300 million due to the new COVID-19 variants impacting travel markets in the Indian subcontinent and Europe.
Etihad stated that it had cut operating costs by 27% over the past year from $1.9bn to $1.4bn, mainly due to a reduction in capacity. The airline flew just one million passengers in the reporting period compared to 3.5 million in the year-ago period. Etihad is now flying to 60 destinations, up from 50 at the start of the year.
Etihad Cargo has boosted coffers of the group with a 56% increase in revenue to $800 million due to a surge in demand for air freight.