Etihad Posts Record Profit as Long-Haul Travel Mounts Comeback - Bloomberg
Etihad Airways posted a record first-half profit as long-haul travel revived with the easing of coronavirus curbs and the Gulf carrier added flights to European resorts to tap pent-up demand for vacations.
The Abu Dhabi-based company had a core operating profit of $296 million in the first six months, compared with a loss of $392 million a year earlier, even after fuel costs increased by almost 60%, it said in a statement Thursday.
Passenger loads increased consistently over the period, rising by almost 22 percentage points, as bookings recovered and Abu Dhabi further relaxed pandemic-related restrictions from February.
Etihad coped better with the Covid pandemic than many other airlines after a major downsizing from 2017 slashed costs and repositioned it as a mid-size carrier. The company had racked up billions of dollars in losses under a previous strategy of focusing overwhelmingly on inter-continental markets.
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