AviTrader sponsorship ad

Etihad Airways posts financial results for full-year 2020

Etihad Airways has announced its financial and operating results for 2020, recording a 76% fall in passengers carried throughout the year (4.2 million, compared to 17.5 million in 2019) as a result of lower demand and reduced flight capacity caused by the unparalleled global downturn in commercial aviation.

As a consequence of the COVID pandemic and ensuing flight and travel restrictions, total passenger capacity was reduced by 64% in 2020 to 37.5 billion available seat kilometers (ASKs), down from 104 billion in 2019, with the seat load factor declining to 52.9%, 25.8 percentage points lower compared to 2019 (2019: 78.7%).

The airline recorded US$1.2 billion in passenger revenues in 2020, down by 74% from US $4.8 billion in 2019, due to fewer scheduled services and drastically fewer people travelling. A contributing factor to this was the total suspension of passenger services into and out of the UAE from end of March until early June 2020 to limit the spread of COVID, in line with a UAE government mandate. More than 80% of total passengers carried in 2020 were flown during the first three months of the year, demonstrating the precipitous drop in demand as the global crisis deepened over the course of the year.

The airline’s cargo operation, on the contrary, recorded an extremely strong performance, with a 66% increase in revenue from US$0.7 billion in 2019 to US$1.2 billion in 2020, driven by huge demand for medical supplies such as Personal Protective Equipment (PPE) and pharmaceuticals, paired with limited global airfreight capacity. Cargo yield saw an improvement of 77%.

Operating costs meanwhile decreased by 39% year-on-year, from US$5.4 billion in 2019 to US$3.3 billion in 2020, due to a combination of reduced capacity and volume-related expenses, as well as a focus on cost containment initiatives. Overheads reduced by 25% to US$0.8 billion (2019: US$1.0 billion) in this timeframe, despite their fixed nature, owing to cash and liquidity management initiatives during the crisis, while the finance cost reduced by 23% through an ongoing focus on balance sheet restructuring.

Overall, this resulted in a core operating loss of US$1.70 billion (2019: US $0.80 billion) in 2020, with the EBITDA turning to negative US$0.65 billion (2019: positive US$0.45 billion).

EVA Air finalises order for five additional Boeing 787-9 Dreamliners

EVA Air and Boeing have finalised an order for five additional 787-9 Dreamliners, a repeat order for Boeing’s super-efficient wide-body jet. EVA Air’s follow-on investment in the 787 will enable the airline to further reduce carbon emissions and sustainably grow its fleet.   “Our 787 fleet has become the foundation of our carbon-neutral growth strategy

Read More »

Liebherr and China Airlines sign agreement on A321neo component support

Liebherr Aerospace (Liebherr) and China Airlines have entered into a long-term agreement, under which the OEM Liebherr-Aerospace will provide repair support services for a wide range of air conditioning and bleed system components installed on China Airlines’ fleet of 25 Airbus A321neos. All material support and component maintenance services will be provided by Liebherr-Singapore, Liebherr-Aerospace’s

Read More »

Epic Flight Academy orders 15 new Cessna Skyhawk 172 aircraft

Epic Flight Academy has signed an order for 15 new Cessna Skyhawk 172 aircraft with Textron Aviation. As a Cessna Pilot Centre, Epic Flight Academy has been training pilots since 1999 and thousands of students from over 80 countries have graduated from the flight school. The Cessna Skyhawk is Epic’s exclusive single-engine aircraft, with a total fleet

Read More »

Zurich Airport gets approval from KEVU for runway extensions

Flughafen Zürich has announced the approval from the Commission for Energy, Transport and Environment (KEVU) to extend two runways at Zurich Airport. KEVU thus follows the Governing Council of Zurich which has already approved the project. The extensions of the runways are an important measure to increase the safety margin at Zurich Airport and to

Read More »

Wencor signs multi-year defence partnership with Regal Rexnord Aerospace

Regal Rexnord Aerospace has selected Wencor as its exclusive distributor supporting the global military and government aftermarkets for Regal Rexnord’s seal and bearings products. In addition to the agreement, Wencor and Regal Rexnord Aerospace recently announced the extension of their exclusive global agreement, in which, Wencor will continue to distribute Regal Rexnord Aerospace seals and

Read More »

Board and Executive leadership changes at Rolls-Royce

Rolls-Royce has announced changes to the Board and Executive Team, adding leaders with proven track records of delivering success and a strong commitment to creating a high-performing, competitive, resilient and growing business. This follows the launch of a transformation programme requiring a winning culture and shared determination to deliver sustainable earnings growth and cash generation

Read More »

AAR to acquire nine Boeing 757-200 aircraft equipped with 18 RB211 engines

AAR Supply Chain, a subsidiary of AAR Corporation, will acquire nine Boeing 757-200 passenger aircraft equipped with 18 Rolls-Royce RB211 engines from American Airlines. The assets have been most recently operated by American Airlines. “The acquisition of these aircraft and engines will enable AAR to continue to support the RB211-powered 757 cargo market,” said Brian

Read More »

Macquarie Rotorcraft to acquire 12-helicopter portfolio from Milestone

AerCap offshoot Milestone Aviation Group (Milestone) has agreed to sell a 12-helicopter portfolio to Macquarie Rotorcraft. The portfolio will comprise a combination of Sikorsky S-92, Airbus H135, Bell 412 and Leonardo AW109, AW139 and AW189 helicopters which are presently on lease to six customers in nine countries across Europe, the Middle East, Africa and South-East

Read More »

ATR outlines growth plan for 2023

After three difficult years due to COVID and a complex economic and geopolitical environment, ATR is set for growth in 2023. In the context of industry-wide supply chain issues, ATR delivered 25 new and 11 pre-owned aircraft in 2022. Nonetheless the global ATR in-service fleet is now close to pre-COVID numbers with 1,200 aircraft flying

Read More »

Magellan Aviation Group names Anthony Spaulding new CEO and President

Magellan Aviation Group has announced that Anthony Spaulding has been named as new CEO and President effective April 1, 2023. Spaulding is replacing Chairman Michimoto Asano, who has been interim CEO and President since January 2022. Asano will now resume his responsibilities as Chairman for Magellan Aviation Group. Spaulding originally joined Magellan Aviation Group in

Read More »

HK Express takes delivery of first A321neo aircraft

Low-cost carrier HK Express, a member of Cathay Pacific Group based in Hong Kong, has taken delivery of its first Airbus A321neo aircraft. This milestone marks the first of 16 A321neo aircraft for HK Express and features the airline’s latest livery, with vibrant shades of purple and white. In addition, the aircraft’s winglets and empennage

Read More »

BAE Systems to define battery system for Heart Aerospace’s ES-30 plane

BAE Systems, a leading aerospace and defence company and Heart Aerospace, a Swedish electric airplane maker, have announced a collaboration to define the battery system for Heart’s ES-30 regional electric airplane.   The battery will be the first of its kind to be integrated into an electric conventional take-off and landing (eCTOL) regional aircraft, allowing it

Read More »

ORIX Aviation acquires 100% aircraft portfolio from Merx Aviation

ORIX Aviation has confirmed the 100% acquisition of an aircraft portfolio, consisting of 14 narrow-body aircraft with ten lessees across multiple continents, from Merx Aviation. The aircraft were previously held in a joint venture between ORIX Aviation and Merx Aviation, which commenced in 2017 with 35 aircraft valued at US$1billion. After trading activity, the portfolio

Read More »
aviation news

2023 MEDIA KIT

AviTrader Aviation Media Pack

Learn more on how AviTrader can expand your market

Please contact

Tamar Jorssen
Vice President Sales & Marketing
+1.778.213.8543
[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada

Subscribe to the most widely accepted news source in the aviation industry!


Free Daily, Weekly and MRO Publications delivered to your Inbox!
News Alerts, Editorials, Marketplace, Executive Interviews +more

Select publications:

*we respect your privacy and AviTrader will not share your email address to any 3rd Parties.

Scroll to Top