Airlines Business & Finance News

Ethiopian Airlines reports $260M first-half profit

Ethiopian Airlines Group grossed a profit of USD260 million during the first half of the current Ethiopian financial year, Public Enterprises Agency announced. The Airlines also registered revenues of ETB68 billion in the same period, the same source said.

The latest performance of the Airlines makes it the second most profitable state-owned enterprise just next to Commercial Bank of Ethiopia, which managed to gross a profit of ETB10.7 billion (USD356 million) in the first six months of the existing financial year.

Last fiscal year, Ethiopian reported a gross profit of almost nine billion Birr (USD326 million). The Airlines has planned to collect a gross profit of ETB19 billion birr (USD696 million at the prevailing exchange rate) this fiscal year, which is expected to conclude by July 7, 2020.