Strong cargo revenues help EVA Air offset Q2 net loss

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EVA Airways reported a smaller net loss in the second quarter than in the first, as solid demand for cargo services helped offset a decline in passenger volume amid the Covid-19 pandemic.

In a statement, EVA Air said 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 reports, EVA Air benefited from strong demand for the delivery of high-tech devices and personal protective equipment in the three month period.

In a statement, EVA Air posted NT$614 million in 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.

As the Covid-19 pandemic continued to cripple the global airline industry, EVA Air’s consolidated sales fell 56 percent in the second quarter from a year earlier to NT$19.29 billion, with its revenue from passenger flights plunging 93.6 percent year-on-year to NT$1.52 billion, according to the statement.

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.

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

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Devender was born in the year when the Beatles Group was formed. He holds two master’s degrees in English Literature and Public Administration. He also has an Honors degree in English Literature and a post-graduate diploma in Corporate Communications and Public Relations. He was closely associated with the Indian State Transport Undertakings and Ministry of Transport in his role as Corporate Communications and PR specialist for over two decades handling domestic and international organizations. He ventured into business forming his own Media House, Profiles Media Network Private Limited which is now a twenty years old company. Excelling as an editor, Marketing, PR, Anchor, and Advertising specialist, he is now expertly navigating the world of social media. A widely traveled professional internationally, Devender has a deep understanding of the Air Cargo, Cargo Business, Cargo Airports, Freighters and Cargo Industry at large.