EVA Air second quarter net loss narrows

Business | 11 Aug 2020 5:55 pm

EVA Airways (EVA Air), one of the leading international carriers in Taiwan, reported a smaller net loss in the second quarter than in the first, saying solid demand for cargo services helped offset the fall in passengers.

In a statement on Monday, EVA Air posted a NT$614 million net loss for the second quarter, or NT$0.13 in loss per share, compared with NT$1.2 billion in net loss, or a loss per share of NT$0.25, in the first quarter. The company's earnings per share in the second quarter of 2019 was NT$0.01, CNA reports.

As the virus pandemic continued to cripple the global airline industry, EVA Air's consolidated sales fell by 56 percent in the second quarter from a year earlier to NT$19.29 billion. Revenue from passenger flights plunged by 93.6 percent year-on-year to NT$1.52 billion.

The company said, however, that the steep decline in passenger flight revenue was offset by a 137 percent year-on-year jump in cargo services income to NT$14.34 billion in the second quarter.

According to market analysts, EVA Air benefited from strong demand for the delivery of high-tech devices and personal protective equipment.

Meanwhile, the airline reported a net loss of NT$1.83 billion, or NT$0.38 per share, for the first six months of the year, compared with NT$1.94 billion, or NT$0.40 per share, over the same period of 2019.

Consolidated sales in the first half dropped 44 percent year-on-year, with revenue from its passenger flights falling by 59.6 percent from the previous year to NT$20.17 billion, while revenue from cargo services climbed by 70.7 percent to NT$20.72 billion.

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