Etihad Airways expects ‘tidal wave of demand’ as first-half losses halve to $400 million

Etihad Airways expects ‘tidal wave of demand’ as first-half losses halve to $400 million

DUBAI, United Arab Emirates — Abu Dhabi's Etihad Airways is forecasting a "tidal wave of demand" after narrowing its operating loss to $400 million in the first half of the year and cutting costs by almost 30%. Etihad said the results reflect a "progressive recovery" across the business, after the airline delivered an $800 million loss in the same period a year ago as the pandemic pummeled global aviation and global economies went into lockdown. "Every day, Etihad Airways is making up for lost ground," Tony Douglas, group chief executive officer, said in a statement on Tuesday. "Despite the curveball of the Delta variant disrupting the global recovery in air travel, we have continued to ramp up operations and are today in a much better place than this time in 2020," he added. Etihad, which is wholly owned by the government of Abu Dhabi, said passenger revenue slumped to around $333 million, down by 68% year-on-year from $1 billion. The airline blamed "new variants of the coronavirus affecting key travel markets in the Indian Sub-Continent and Europe." The collapse in passenger revenue was offset by its cargo operations, which saw a 56% year-on-year increase in revenue to $800 million. Â